Primacy Mortgage is pleased to introduce it's new "OTFD - One Time Float Down Mortgage". This exciting new product allows our clients to do a one time float down on their mortgage interest rate and can be applied to any of our locks up to a 60 day lock.
Combining this product with one of our 60 day locks is the perfect combination for the risk averse borrower. It ensures that your rate is no worse than the pricing today, but it gives you the comfort of knowing that if rates improve significantly, you can take advantage of that movement. Ask your loan officer for details.
Atlanta, Georgia Mortgage rates are basically unchanged since last week. Both the PPI and CPI numbers last week indicated that inflation is on the rise, likely due to increased energy prices. While this had a huge impact on the stock markets, the bond market is taking more of a wait and see attitude.
Mortgage rates were up very slightly last week. The beginning of the week was bad for the bond market. Strong increases in personal spending sent rates up about 1/8%. However, Friday's jobs reports indicated that there might be a slowdown in new job creation. The prediction was for there to be 200,000 additional jobs, however, actual numbers showed only 138,000. This news caused bonds to rally and eroded much of the 1/8% increase in rates for the week overall.
Atlanta mortgage rates were up about 1/8% again last week. The Fed, for the 16th consecutive meeting, raised interest rates by 1/4%. The Fed Funds Rate now stands at 5% from it's low nearly 2 years ago of 1%.
This impacts any short-term debt that you have. That would include HELOCs, credit cards, and any adjustable rate mortages that have exited their fixed rate period. Again, we urge anyone who is still in an adjustable rate mortgage to move into a fixed 30 year mortgage immediately. 30 year rates still remain very attractive, but all trends seem to be pointing toward rates north of 7% in the next 3-4 months. Get in now, then we'll keep put you in our rate watcher program and refinance you when rates improve - perhaps in 2007 or 2008.
Rates ended last week basically unchanged. The week started off with some good news for the real estate market and potentially bad news for mortgage rates. Both existing and new home sales numbers came in above expectations and well above the expectations of the media. The press continues to beat the real estate bubble drum, but there is just no evidence to back it up. This caused a slight increase in rates until the fed news later in the week dropped rates to their earlier levels. The Fed appears to be set to "pause" interest rate hikes after the hike next week which is expected to be 1/4 point.
This week starts and ends with some important numbers being released. Monday is the personal finance numbers including personal income and personal spending. Friday is the jobs report including the latest unemployment numbers. Both of these releases will have a high impact on the bond markets.
