Monica's Corner - Outlook
Our economy is still modestly growing. This means the Fed must continue its bond purchases, because of our anemic growth, and that means good news for new home buyers. Rates should stay where they are at or possibly lower, so we still have time to take advantage of very good rates before the tapering commences. Rates could move up towards the end of the year if we continue to get good news on the economy. Once housing starts and existing home sales numbers come out for August, that should really clarify the direction of rates. Good news on these numbers will edge rates further up; lower-than-expected numbers will lower rates for us. All we can do now is wait, but in the meantime we can take advantage of the still historically low rates. Contact me if you're looking to get approved or want to refinance.