Posted to: Mortgage & Finance

This Just In From Chet Gohd, Loan Officer With RPM Mortgage

Words by Chet…

Here’s the latest update of our economy and mortgage rates.While the economic data released during the week generally matched expectations, the outlook for future economic growth improved due to strong earnings reports, tame inflation data, and a revised forecast from the Fed. Stronger economic growth was good news for the stock market, and the Dow rose over 500 points. It was unfavorable for the bond market, however, and mortgage rates ended the week moderately higher.

On Wednesday, the Fed released its minutes from the June 24 FOMC meeting, and most of the news was negative for mortgage rates. The minutes revealed an upward revision to the Fed’s forecast for economic growth and inflation in 2009 and 2010. In addition, Fed officials expressed a strong reluctance to increase any further the program to purchase mortgage-backed securities (MBS). Mortgage rates are largely determined by MBS prices. When the Fed initially announced its MBS purchase program in November, mortgage rates immediately dropped, and they dropped again significantly when the Fed announced an increase in the program in March. The Fed has a substantial involvement in MBS markets, and any change in this program would have a major impact on mortgage rates.
Lets see what happens next week,,Afterall, rates are like the weather, if you don’t like em, just stick around and they will change..sometimes for the better, other times for the worse.

Have a prosperous weekend!

Chet Gohd
Branch Owner
Senior Loan Consultant
Conventional and FHA Certified
RPM Berkeley
1385 Shattuck Ave. Suite B
Berkeley, CA 94709
Office:510-647-5320
Mobile (925)330-1110
Fax:510-845-5842
Email:cgohd@rpm-mtg.com
Website:www.rpm-mtg.com/cgohd
RPM Mortgage-Today’s Direct Lender of choice!

Discussion

No comments for “This Just In From Chet Gohd, Loan Officer With RPM Mortgage”

Post a comment

Welcome to East Bay Living Real Estate

Hi friends! We are Krista + Rosie, the brains behind the East Bay Living website. Powered by Berkeley Hills Realty we are a top producing real estate team working {and having fun} in Berkeley, Oakland and the surrounding areas. From buying + selling to DIY + home decor to plumber + gardener recommendations we are your one-stop-shop for all things real estate.

Recent Posts

New Listing: 1086 Spruce, Berkeley Hills
June 4, 2017
By Krista Miller
Albany and Berkeley Make the “Best of” Charts
May 9, 2017
By Krista Miller
How Following Zillow’s “Best Time to List” Tool Could Hurt You
April 25, 2017
By Krista Miller
3405 Wisconsin, 3 beds + 2 baths in the HOT Laurel District
April 6, 2017
By Krista Miller
A Historical Tour of San Pablo Park, Berkeley
March 25, 2017
By Krista Miller

Archives