What’s Ahead For Lake Geneva Real Estate Mortgage Rates This Week: July 26, 2010

After a week off, I’m back.  Lake Geneva mortgage markets worsened last week for the first time in 6 weeks last week.  Investors were pleased with corporate earnings reports and the European bank stress tests results.  Stocks gained on the news, and bonds lost.

Lake Geneva real estate mortgage rates rose last week, but only slightly.  Rate are still hovering near their lowest levels of all-time.

Of the bigger stories last week was Existing Home Sales.  As reported by the National Association of Realtors®, sales volume was down in June and home supplies were up.  But figures were a bit better than expected, giving some hope for housing.

Notably, the number of move-up buyers outnumbers first-timers and the national median home price rose, suggesting that mid-to-upper home prices are getting some support.

This week, the market gets additional two pieces of housing data to add to the mix:

1. New Homes Sales (Monday)
2. Case-Shiller Index (Tuesday)

Both will have an impact on Lake Geneva mortgage rates.  In general, better-than-expected data should cause rates to rise for Lake Geneva real estate; worse-than-expected data should cause rates to fall.

Also this week, there’s two consumer confidence reports, the Fed’s Beige Book, and late-in-the-week inflationary data.  Mortgage markets should remain volatile with so much news headed down the pipe.

It’s too soon to declare the current 3-month rally over, but it’s been 3 weeks since rates dipped.  This can be a signal that mortgage rates have finally bottomed and that it’s time to lock your rate.

If you’re floating a mortgage rate, or thinking about a refinance, it’s time to get locked in.  Lake Geneva rates may drop this week, but then again, maybe they won’t.  There’s little sense gambling on a bet as big as a mortgage.

Travis Egan