Here™s the scoop on mortgage rates for Austin. This is John Schutze™s mortgage rate update:
œMortgage rates didn’t change much this week.
The financial news from Wall Street was viewed as “more of the same” this week. But next week we have several events that might affect rates. The Fed meets on Wednesday to discuss policy and determine the future Fed Funds rate. The press release from this meeting is closely watched by the financial markets. Plus the Personal Consumption Expenditures index is released on Thursday. This measures the price changes of consumer goods and services and is the Fed’s favorite measure of inflation.
An interesting fact, the average gain for the S&P 500 Index during the first year after the lowest point of a bear market is 36.5%. The lowest point during the current bear market was on 3/9/09 at 677 points. In the following 6 weeks to date the S&P has gained 28.5%!
John™s Austin mortgage blog has news on factors that impact lending rates.