March 2012

Chicago Illinois Mortgage Rates Week in Review for the Week Ending 03/23/2012

Mortgage rates have moved up over the last few weeks as fear of collapse in Europe has made way for optimism for an improved economy here. Mortgage rates have been in a narrow range near all time lows for most of the last seven months. With the fear of an implosion in Greece off the table, for now, and a temporary solution to the other European hot spots in place, the financial world has breathed a sigh of relief. The big news that set up the shift in rates was the news that the Fed is not about to start a new round of quantitative easing, which some were expecting. This policy, in effect bringing more money into circulation to force banks to lend is considered inflationary, which is usually bad news for bonds. But the expectation that something was on the horizon has kept a lot of investors in…

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Chicago Illinois Mortgage Rates Week in Review for the Week Ending 03/09/2012

The good new for this week is that there has been plenty of good news, and mortgage rates still remain in their low range. This week Greece consolidated it’s rescue plan, with the majority of debt holders ratifying the agreement. Though the saga is surely not over, and focus now may shift to one of the other troubled European economies, this has been the biggest fear for most of the past year, so even a temporary solution that no one really believes will work is good news. The unemployment report released on Friday was more good news. The report showed an increase of 227,000 new jobs created in February, almost all of them in the private sector. This number was better than expected, and confirmation of the trend. The previous 2 months jobs were also revised higher. The unemployment rate, which is figured based on a different method, came in…

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Chicago Illinois Mortgage Rates Week in Review for the Week Ending 03/02/2012

The good news for this week is that I won’t be talking about Greece today. That doesn’t mean that Europe is out of the picture, though, as Spain is now the new topic of worry in the financial markets. Spain missed some financial projections, and rather than bowing to the demands for more austerity, they insist they will fix things on their own. So for those of you who have gotten sick of hearing about Greece, the news may have a Spanish flavor for a while. In domestic economic news, the trend is still positive, but the results last week were mixed. Unemployment claims fell to 350,000, the best we’ve seen since the credit collapse in 2008. The big news on employment will be to see if this strong trend is still meaning new hires, and we will get that reading on Friday. Auto and light truck sales were through…

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