“We are becoming increasingly convinced that 2011 will be the year in which economic expansion finally puts down deeper roots and blossoms into a full blown, job creating recovery,” said long time bear Ian Shepherdson, chief economist at High Frequency Economics in Valhalla, New York.
Good Afternoon!
I was hoping to send out some good news this week. Based on higher than expected consumer spending, manufacturing orders and an improving job market; the economy is starting to see some more consistent signs of improvement. Most economists agree that the possibility of a double dip recession is now very small. This is great news for our industry. As jobs and job security come back on-line we will see an increased demand for home buying. Mortgage rates have been rising this week due to China and other foreign investors tightening their balance sheets and not purchasing as many US Treasury Bills. Once the recovery is in full swing be prepared for a steady rise in interest rates. I have been told December and June are the two biggest months for closings in Atlanta according to MSL. So now is the time to pick up the phone and pound the pavement. We have SEVEN weeks left in 2010 and plenty of time to end the year with a BANG! We are still closing our loans in less than three weeks; so if you have anyone who needs a solid mortgage at great rates please give me a call!
Have a great weekend!
Damian
Source: http://www.reuters.com/article/idUSTRE6A959320101112November 11, 2010
Current Mortgage Rates
http://www.freddiemac.com/pmms/
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