Interest rates are still extremely low! great time to buy!!!

Weekly Review Week of July 15, 2012 With no end in sight to our economic malaise, mortgage rates again drifted into record territory. Last week’s economic news and data simply continued in the same vein that it has for some time. There is a general sense that the Fed will eventually step in and take some action in an attempt to goose the economy. However, with interest rates at historic lows, the Fed’s options are limited. The most likely scenarios, according to many Fed watchers, are another round of quantitative easing or purchases of mortgage-backed securities. Either path would likely help drive long-term interest rates even lower. Mortgage rates may be drifting downward in anticipation of a Fed move. This is a data-packed week for financial markets. Retail sales and Industrial Production data is due, along with inflation and housing news. Unless part of the data comes in extremely outside of expectations, we are very likely to see mortgage rates continue in a mostly flat path, with some minor downward drifting. This may be the trend until the Fed announces a definitive course of action.

Mortgage Rate Economic Overview