Ryan’s Mortgage Blog:
To go off the report Keith just posted, many lenders lowered their mortgage rates slightly last week based on the slow housing market (nationwide). As I stated in a prior blog, there was talk that the housing market may have bottomed out near the end of last year and some mortgage companies were optimistic. Well, as I also stated, no one has a crystal ball. Here is a quote I saw this morning on cnn.com:
“Last week’s release of housing starts for January showed the weakest reading since August 1997, due to the abundance of homes already on the market to purchase,” said Frank Nothaft, Freddie Mac vice president and chief economist.
The market is waiting on a few more reports to come out soon, new and existing home sales, and the second estimate of economic growth in the fourth quarter of 2006. I don’t see any drastic changes coming but I will let you know if something comes up. Feel free to contact me at Ryan@GoMetroLoan.com or 805-540-0866.