Interest rates have been stable over the past week but appear ready to rise based on Obama’s budget which among other things promotes job growth, responsible government spending and is viewed as a positive for the economy based on today’s bond trading.  There were several other positive economic reports out Monday 2/1/10 which should also cause bond prices to lower and rates to increase but the biggest piece of news will be the jobs report due out on Friday 2/5/10.

As we have been discussing all along, rates are going up and most likely soon so it would be in homebuyers best interest to get their deals done sooner than later.

PMA/Wells Fargo is currently running a purchase rate special on all fixed rate conforming and high balance conforming fixed rate loans which should greatly benefit homebuyers.

Rick Bonetti | Alain Pinel Realtors | 408-857-8800 | DRE # 01237009