How You Can Get The Most Accurate, Real-Time Mortgage Rate Quotes Available
February 23rd, 2010 categories: Buyers, Market Trends, Mortgage Rates
You can’t get your mortgage rates from the newspaper. Last week proved it. Again.
Friday morning, headlines in Tennessee and around the country read that mortgage rates were down 0.04 percent, on average, since the week prior.
A sampling of said headlines includes:
- US Mortgage Rates Drop For 2nd Straight Week (Reuters)
- Mortgage Rates On 30-year US Loans Fall To 4.93% (Business Week)
- 30-Year Fixed Mortgage Rate Falls Farther Below 5% (Marketwatch)
The story behind the headline was sourced from the Freddie Mac Primary Mortgage Market Survey, am industry-wide mortgage rate poll of more than 100 lenders. The PMMS has reported mortgage rate data to markets since 1971 and is the largest of its kind.
Unfortunately, Knoxville rate shoppers can’t rely on it.
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Knoxville Home Buyers Now Is The Time To Buy!!!
February 18th, 2010 categories: Buyers, FOMC Minutes, General, Home How To, Market Trends
Looks Like Those Low Interest Rates Are Heading North…..
Mortgage markets reeled Wednesday after the Federal Reserve released the minutes from its January 26-27, 2010 meeting. Mortgage rates in Tennessee are now at their highest levels since the start of the year.
The Fed Minutes is a follow-up document, delivered 3 weeks after an official FOMC meeting. It’s a companion piece to the post-meeting press release, detailing the debates and discussions that shaped our central bankers’ policy decisions.
The Minutes is a terrific look into the Fed’s collective mind and, yesterday, Wall Street didn’t like what it saw. Specifically, the report disclosed that:
- The Fed plans to break support for mortgage markets after March 31, 2010
- Raising the Fed Funds Rate will be a key part of the Fed’s strategy to tighten monetary policy
- The fundamentals behind consumer spending strengthened modestly
Furthermore, the Fed Minutes said that there is a growing risk of “higher medium-term inflation”. Inflation, of course, is awful for mortgage rates.
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