There is nothing quite like a vacation to recharge and reinvigorate. It also helps that mortgage rates and the nations economy resemble the movie Ground Hog Day.
Today, weak European economic data, low European consumer confidence, and negative comments by the president of the Minneapolis Federal Reserve Bank are contributing to an improvement in mortgage interest rates. It is also going to be a big week for US economic reports. We believe the long term outlook for the US economic will remain dismal. Higher energy cost are weighing heavily on the US consumer, inflation remains a real concern, unemployment has risen, and consumer confidence remains at historic lows.
To add insult to injury the housing market woes are now expected to continue as the third wave of the credit crunch has stricken banks, hedge funds, Fannie Mae, and Freddie Mac. Not even the possiblitity of a government bail out can stem the tide continued losses in the financial sector or provide the needed confidence for lenders to again loosen the purse strings and begin lending again.
On a positive note mortgage applications for The David M. Damare’ Team continue to increase in certain areas of the country that have suffered the most from the housing slump. We do not advocate timing any market top or bottom, however, this recent increase leads us to believe that we are not the only ones that see this as an outstanding buying opportunity.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
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.