Colorado Home Mortgage Refinance rates took a hard hit in the market today.
Colorado Home Mortgage Refinance rates took a hard hit in the market today. Rates jumped up about .25% for the day and at this point the only explanation that can be given is fear. I stated in an article yesterday that the market would watch for what was said in the FOMC meeting last month. The release of the report yesterday started the upward climb that Colorado Home Mortgage Refinance rates had and it appears that it may not be over. FOMC board member Fed Gov. Kroszner spoke to the media and layed out a detailed plan for the Federal Reserve which outlined what steps still needed to be taken in the fight to bring back the housing market. He also made note that the process would be long and would require more government intervention in order to bring the markets back. Colorado Home Mortgage Refinance rates took the news to mean that the stability of the long term bonds backing Mortgages would remain a risky investment in the short run then in the long run.
Another negative blow to the Colorado Home Mortgage Refinance rate market were comments made by Bill Gross, chief investment officer of Pacific Investment Management Co. Who stated that “Americans are fooling themselves if they think U.S. inflation is under control”. Bill Gross is definetly a mover and a shaker in the investment bond market. His comments signaled another blow to inflation and as we all know inflation will create serious movements in the Colorado Home Mortgage Refinance market. Most of the increases seen on Colorado Home Mortgage Refinance market rates today were contributed to the fear of inflation. We had only one economic report to speak of and that was Jobless claims which came in slightly better then expected. Read More about the economic reports and its impact at www.coloradohomemortgageloan.net/news. We will have a light couple of days on the economic reporting side, which means headlines will again be the biggest factor influencing Colorado Home Mortgage Refinance rates until Tuesday of next week. With Colorado Home Mortgage Refinance rates jumping the way they did today FLOATING makes sense. The market reacted to fear not facts today. I do want to warn people floating today that much of the concerns felt in the market have been my concerns for some time. Oil prices dictate future product costs. The rate that product cost goes up creates inflationary pressures and inflation creates a very bad environment with Colorado Home Mortgage Refinance rates. Please call me with any of your Colorado Home Mortgage Refinance questions.
Tags: Colorado home mortgage refinance, Home Mortgage, Mortgage Refinance, Refinance Rates
