There is not much economic news reporting this holiday shortened week. However, fourth quarter corporate earnings report this week. And stock futures are predicting a major slide in all three stock indices at the open on Tuesday as many economists have now stated that we are in a recession. President Bush outlined his economic stimulus package on Friday and the stock markets began tumbling prior to his announcement and continued falling for the rest of the day. This may not be good news for the economy and housing may continue to falter but neither will be as a result of mortgage interest rates. As investors flee the stock markets for the safety of bonds, mortgage interest rates have maintained their lowest levels in over two years for the past two weeks.
A faltering economy is no help to the still slumping real estate market, however, we do see this as a very positive buying opportunity for homeowners looking to capitalize in an economic period where supply outstrips demand.
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Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you and your clients. David. 919.851.0999