Mortgage Rate Forecast Week of March 23, 2009

Mortgage Rates sustained and maintained there position today SEE REAL TIME RATES!

Bank stocks posted strong gains after the new banking plan was released pre market.
After the Fed’s Wednesday afternoon announcement, rates fell to all-time lows before recovering sharply into the weekend on economic optimism and fears of inflation.

This week, the trend higher may continue.

Some of the week’s key events include Monday’s Existing Home Sales report, Wednesday’s New Home Sales report and Friday’s consumer spending report, as well as President Obama‘s Tuesday evening address to the nation.

New evidence showed — for the time being, at least — that the U.S. economy may be reversing direction:

• Homebuilders are breaking ground on new homes again
• First-time jobless claims are falling
• Inflation is present and, therefore, deflation is not

Rates can make huge changes from day-to-day and even from hour-to-hour.  If you’re shopping for a new home loan and find a mortgage offer that “fits”, consider locking it right away.  With so much news hitting the wires this week, the rate quote is likely to expire quickly.

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