VA home loans FHA Loans ... News Updates and Commentary

The financial markets are closed today in observance of Martin Luther King Holiday. Tomorrow the new President will be sworn in. I don’t believe the ceremony or speech directly will affect the markets or rates, but the new administration, policies and new theories coming in the next couple weeks will likely create significant volatility in the markets, and therefore mortgage pricing.

There are only two significant reports coming this week. December’s housing starts report early Thursday morning, and Thursday’s Labor Department unemployment filings. The housing Report should not influence rates much, but the Labor department is expecting 548,000 new filings. A higher number is expected to be positive for bonds, thereby reducing rates. A lower number is considered negative. Since these are the only two reports expected to be released, I would overall expect a quiet week.

Refinancing is still a Great bet; on the home page you will see the national rates. The rule of thumb is that if your current rate is one percent above that rate, it is time to refinance. VA and FHA Streamline refinances take roughly 15 days and will save you thousands of dollars. Get in touch with us and we’ll make sure you are taken care of.

Next week we’ll talk about foreclosures and Loss Mitigation.

Have a great week!