The Gross Domestic Product (GDP), which is a measure of the total amount of business in our economy, increased at an annual rate of 2.4% in the the second quarter of 2010. Although this is an increase, it is much slower growth than the first quarter (3.7% increase) and less than the 2.7% that economists had forecast. This means that the economy is slowing down.  At this point in the recovery, after so much money in stimulus has been spent by the Federal government, growth should be accelerating. The fact that it isn’t, especially when taken together with other recent reports, puts to rest the idea that we will be getting back to what was considered normal any time soon. In my opinion the reason for this is that the banks are holding onto the money by not making commercial loans that would normally be approved, it’s like they are kinking a hose so water trickles out instead of flowing. But that is another topic. The result of this report is that this morning stocks are down and money is flowing into bonds, including mortgage bonds which determine mortgage rates.

Mortgage rates have been sitting at all time lows, but it looks like this will push them down another level. Mortgage bonds this morning have spiked sharply higher. Mortgage rates haven’t come out yet this morning, but they will be better, and this means the best rates we have ever seen. If you are in a position to refinance your mortgage, this is the time to get serious. Talk with your loan officer and get your documents together. This is an opportunity that will help many borrowers, including those who refinanced last year, save on their payments every month, and we can often do this with no cost to you. If I can help in any way, please give me a call.

Peter Thompson 630-479-6424       

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