MORTGAGE RATE COMMENTARY

Happy New Year Milwaukee Mortgage Rates

Tweet

 

Mortgage Backed Securities are PLUS 28bps this morning.

Milwaukee Mortgage rates have remained unchanged to slightly better over the last two weeks. Freddie Mac's announcement that rates would remain low for an extended period again goes with what Chairman Bernanke has stated. Last week and this week have been short on news and volume as investors rest up for the New Year.

We do not anticipate any major shift in the current direction of rates. That is why we have have been slow to update our mortgage commentary. The New Year will bring its own unique set of challenges and opportunities. We also hope that it bring some volatility in the mortgage rates.

Flat mortgage rates do not give potential home buyers any sense of urgency. The lack of urgency will perpetuate the slog that has been in our housing market for the last 2 years. We need home buyers to realize it is better to catch the best interest rates in this century than wait for the housing market to reach its bottom. We need sellers to realize their home is worth less than what it was two years ago. We need these things and a little more in the New Year to get the housing market on track.

Thanks again for the all of your business in the last 11 years. I wish my current, former and future clients a Happy New Year.