Current Conforming 30 Year Fixed Rate: 6.375% (Oregon Mortgage Rates)
Current Rate Trend: Modestly improving
Market News: Today's Durable Goods Orders came in worse then expected today giving Bonds a modest boost. The reading of 2.8% was the worst since January and indicates that businesses are making fewer capital purchases. Fewer purchases tend to point towards less of a risk of inflation. This is good for Bonds and Mortgage Rates.
Today will see the release of $13 Billion in 5 year T-Bills. This could have an impact on mortgage backed Securities and long term mortgage rates.
PIMCO chief Bill Gross, in his July 07 Investment Outlook, anticipates that we will see the Fed cut rates to spur the economy over the next 6 months. He blames the subprime mess spilling over into the general economy.
My recommendation: Currently we are seeing mortgage backed securities up 16 basis points on the day. This combined with yesterday's increases leads me to be cautiously optimistic. I would float if I were looking at locking a loan in the near future.
The above information was compiled from several sources that I subscribe to, including Barry Habib's Mortgage Market Guide and the Mortgage Commentary, but is mostly my opinion.
Larry Morris is a loan Officer with Equipoint Financial Network in Newberg, Oregon. He specializes in relocations and Sherwood, Oregon neighborhoods and Yamhill COunty. He is a Board Member of the Sherwood Chamber of Commerce.He can be reached at larry.morris@equipoint.com . His website is http://www.pdx-mortgage.com/ . This material is copy protected 2007 by Larry Morris, Mortgage News that Matters. All Rights Reserved. His opinions do not necessarily represent the views of Equipoint Financial Network.
Licensed in: OR, WA, AL, AK, AZ, CA, CO, CT, FL, GA, HI, ID, IL, IN, IA, MD, MA, MI, MS, MO, MT, NE, NV, NH, NM, OK, SC, SD, TN, TX, UT, VT, VA,
Larry Morris is a Certified Mortgage Planning Specialist and Certified Mortgage Coach with Golf Savings Bank in Beaverton, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans and conforming purchase and refinances in the states of Oregon, Washington, Idaho and California.
He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.
