Good Morning Everyone,
Today may be the day for everyone who has been waiting for a quick window of opportunity to lock in a mortgage interest rate. This morning was packed with news that will most likely help to lower interest rates today especially before the FED’s meeting adjourns tomorrow. From time to time we see these windows of opportunity and then they rebound right back up again to a higher level than before.
* Consumer Confidence Index showed a reading of 50.4, but the expectation was 56.5, which is a huge drop in the consumer’s attitude about the current state of the economy and where it is headed. This is 16-year low! This basically communicates to investors that consumers are less likely to spend their money. Consumer spending makes up 2/3rds of the economy.
* April’s U.S. Metropolitan area home prices fell by the most they have ever fallen in our recorded history. A 15.3% drop.
With all the instability in the news about the economy, it is very hard to have any confidence in our financial decisions. This is why it is very important that you are aware of trends and accurate information. I will continue to do my best to keep you informed of the trends and information, so you can make the right decision at the right time.
Lock Recommendation: Lock for 30 days
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