Rate Update July 14, 2009

Mortgage rates are higher this morning. See today’s you tube video for an explanation.

We are shifting our outlook to a neutral stance because mortgage-backed bond prices appear to have technical support at the current levels. Should prices dip below support we will shift our outlook to locking. Tomorrow the Labor Department will be releasing consumer inflation data (CPI) & on Thursday JP Morgan is scheduled to release earnings.

Current Outlook: neutral

Trouble making payments?

Jack Guttentag wrote a good article in the Washington Post over the weekend designed to help homeowners who are having trouble making their payments.  Unfortunately there is not much a person can do as far as refinancing goes but based on Guttentag’s advice these homeowners may be able to convince their lender to reduce their principal balance.  Here is a link.