You hear it on the news all the time: mortgage rates are not going to stay this low for long… Well, that time may have finally come. Reuters reported today that mortgage rates rose for the first time in three weeks to over 5%. The numbers are pulled from a survey from Feddie Mac, which is the second largest U.S. mortgage finance company.
Treasury prices are higher this morning due to a potential downgrade in Greece’s debt rating. This morning’s Treasury rally was somewhat blunted ahead of this afternoon’s looming government debt auction.
According to the Wall Street Journal, the number of U.S. workers filing unemployment rose again last week by 22,000 to a total of 496,000 initial claims for the week ending February 20th. This unexpected surge in claims is thought to have been contributed by the major snow storms which left many people without work.
The New York Times recently published an article on the difficult decisions facing home buyers in this housing market. It’s true, mortgage rates are incredibly low right now, and housing prices have hit rock bottom in many areas, but how do you know if now is the time to buy? After all, while most experts would agree housing prices are very close to rock bottom (if not already there in some areas), could waiting a little longer get you a better deal on a house?
Undoubtedly, one of the topics during Bernanke’s report will be last week’s increase in the discount rate by the Fed. Also, today’s January new home sales report is expected to show an improvement.
Fundraising campaign generates more than $71,000 in disaster relief assistance Livonia, Mich. – Feb. 23, 2010 – The earthquake that struck Haiti in January lasted [...]
Today’s Standard & Poor’s/Case-Shiller indexes showed that the U.S. home prices actually slipped in December, however the annual rate of decline actually slowed overall. The S&P is a composite index of home prices in 20 metropolitan areas. This index showed that the home prices declined by 0.2% in December, same as the month before, for a 3.1% annual drop.
On Monday government bond prices were mostly lower following the Treasury’s uninspiring auction. The U.S. government today will auction $44 billion of 2-year T-notes as this week’s record debt sale continues.
Treasuries are mixed ahead of this week’s huge Fed auctions totaling $126 billion.
How much do you think your house is worth? Has it changed in value since last year? How do you know? Well, according to Zillow, property values are actually going up for many homes around the country.