Oregon Mortgages

Holiday Weekend

I hope everyone enjoyed their holiday weekend. I know I certainly enjoyed having an extended weekend. Most of the mortgage world shut down for 4 days so I took those 4 days off as well.

Back to business with the short week.

The Bond market opened low yesterday and the dow and Nasdaq both took losses which sent the mortgage rates up .250% on the 30 year loans. Not the best thing to have happen over the holidays especially for all those people wanting to wait until after the holidays to work on their home buying. I hope you all committed before the weekend and got those loans locked, if not they might have went up from what you earlier expected.

The Commerce Department posted Mays Factory Order reporst just before mid-day with a higher than expected rise. With the manufacturing sector doing better than expected this isn’t good news for the Bond Market. With the Geopolitical problems going on Japan has raised their key short term interest rates for the 1st time in 6 years. These coupled with private reports in regards to the employment sector increased selling of bonds during the morning.

Friday will be a day to watch, definitely check the blog for a summary of events. Friday marks the very important realease from the Labor Department with Junes unemployment rate. This could have a very significant impact on financial markets so if you’re not a risk taker then lock the rate you can currently get and get started on buying that home rather than playing the waiting game.

If the unemployment rate is up for June and earnings are relatively unchanged we could see mortgage rates fall but on the same token if the unemployment rate goes down this could be a disaster for the mortgage rates and we could watch them rise yet again.

As soon as they release reports tomorrow morning I’ll write up a summary with where we think rates are headed and if there will be any sudden increase in the market.