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Colorado Home Mortgage Refinance rates find some breathing room in the market today.

Thursday, May 15th, 2008

Colorado Home Mortgage Refinance Rates had several economic reports contributing to a much needed decrease. Colorado Home Mortgage Refinance rates have had some hard times over the last couple of weeks, but we found some relief in the market today. If you want some basic information on where rates are going check out www.coloradomortgagebanking.com/news I will be going into some detail on this site about the variety of economic reports moving Colorado Home Mortgage Refinance rates today.Empire State MFG Survey released by the Federal Reserve of New York reported its data today. The survey is from a group of manufacturers across New York in a variety of industries. The participants respond to a questionnaire and report the change of indicators from the previous month. Respondents also state the likely direction of the same indicators for the next six months ahead. Manufacturing is a major sector and Colorado Home Mortgage Refinance markets look to this report for some guidance as to how well this sector is doing. Clues on future commodity prices and inflationary pressures can be seen from the results of the survey. The Fed watches for inflation pressures on the manufacturing sector. This regional report gives an earlier look than the two more closely watched national reports, ISM Manufacturing and Chicago PMI. Our next Inflationary report will be Core PPI this report is due out on May 20^th. The Empire State Survey came in far worse then the expected no growth proposed by experts earlier in the month. Instead the report indicated that we had a negative growth in this sector which put some fear in the investment world as it relates to Colorado Home Mortgage Refinance rates. Colorado Home Mortgage Refinance rates dropped on the day as a result of this report.

Jobless Claims pretty much came in as expected. You can get a detailed explanation of what this report is and how it impacts the market by reading yesterday’s article. The data released today indicated that Jobless Claims were about what was expected. The Consensus on this was around 370K and the actual number came in at 371K. This is also good news for Mortgage Backed Securities, which in return drives Colorado Home Mortgage Refinance rates down.

Industrial Production also had worse then expected data released today. Industrial Production currently shows contraction in the economy and it was expected to do so again today. Experts put the contraction or negative growth factor around .3%. When the data was finally released the actual negative growth factor came in .7% which is significantly lower then expected and again created more demand for Mortgage Backed Securities. Colorado Home Mortgage refinance rates saw continued improvement after the release of this report.

Just about every major report released today favored Mortgage Backed Securities and were reflected in lower Colorado Home Mortgage Refinance rates. Over the last three weeks we have had a variety of reports come in which signaled a possible economic turnaround. Investors reacted bullish to the news and began to move money out of bonds and into higher risk investments. This movement coupled with positive economic data created a real problem for Colorado Home Mortgage Refinance rates. We saw some good improvements in the Colorado Home Mortgage Refinance rates market today and unless we have investors looking for short term profits, rates should continue to improve through the weekend. Our only concern right now will be the profit seekers. Investors that bought bonds late last week and early this week found some real bargains in the bond market. These investors are now seeing the potential to cash in on quick profits if they sell. Investors, being the lemmings they are, may see the selling push as a sign of something else, which in return may cause more people to sell. When investors are in the selling mode demand drops and mortgage backed securities begin to drop in price. This would be the only negative possibility outside of anything unexpected that can cause Colorado Home Mortgage Refinance rates to rise before the weekend. I do believe that the probability in this is low so FLOAT until Monday unless you just want the piece of mind that your rate is locked at an acceptable level. Keep in mind that anything below 6% is good, however 5.75% is betterJ Call me with your Colorado Home Mortgage Refinance questions I am happy to serve you.