Blog, Market Conditions

Today’s Colorado Springs Home Mortgage Rates & Financial News

Here are some home mortgage rates available today in the Colorado Springs market. Of course they are subject to change but these are best I have seen in years. My advice …take advantage of these rates. If you need help in finding a good home lender please let me know

Conventional interest rates are @ 4.875% for a 30 year fixed

4.5% for a 15 year fixed

V.A. is @ 5%.

“I DO NOT THINK MUCH OF A MAN WHO IS NOT WISER TODAY THAN HE WAS YESTERDAY.” Abraham Lincoln.

Now more than ever, it’s important for our country’s leaders to heed yesterday’s lessons and make wise choices today for our banking system and the economy. There were several key developments that happened on this front last week – here are some highlights.

On Thursday, the Securities and Exchange Commission’s (SEC) Chief Accountant, the Financial Accounting Standards Board’s (FASB) Chairman and the Deputy Comptroller for Regulatory Policy in the Treasury Department testified in front of the House Financial Services committee on the “Mark-to-Market” accounting rule. This rule was created so that there would be more transparency in business dealings, but fell prey to the law of “unintended consequences”, and has played a major part in our current financial crisis.

During Thursday’s hearing, Congress demanded an answer for repairing this situation within the next three weeks, so right now, it looks like we will see some sort of coordinated action by both the FASB and the SEC to address the Mark-to-Market situation soon. Stocks certainly reacted positively to this news last week, as well as to Citigroup’s announcement that it will not need more TARP money from the government. Stocks also liked the remarks from Federal Reserve Chairman Bernanke that the recession would be over by year-end if the banking situation is stabilized, and that major financial institutions would not be allowed to fail.

In other news, the Retail Sales numbers for February came in better than expected and the numbers for January were revised higher. This report is very volatile from month to month, but the last couple of readings have been encouraging. However, the job market continues to struggle as the number of people receiving unemployment reached a record 5.32 Million. And there was news that China is concerned the US may be spending too aggressively on the recession, which could lead to inflation down the road that would diminish the value of Bonds and China’s investments in the US.

Overall, Bonds and home loan rates didn’t worsen last week – even with the huge Stock rally – and ended the week relatively close to where they began.

-MMG Weekly