We didn’t see the broad swings in interest rates this week as were experience in weeks past. With little new economic news for the week rates settled in for a slightly lower average then last week.
Ecnomic news was mixed for the week. The Fed is forecasting that with the recent rate cuts and the government stimulus packages will lead to faster economic growth for the remainder of the year. On the other side of the fence, the Pending Home Sales index fell more then expected in January and the index was down marginally from a year ago. Pending Home Sales is the leading indicators for the future direction of the housing market and NAR (National Association of REALTORS) is predicting flat home sales for the next several months.
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