In other key news, the first of three readings on third quarter Gross Domestic Product (GDP) showed that the U.S. economy expanded by 2.8 percent, up from the second quarter reading of 2.5 percent and well above expectations. The rise was due in part to a buildup in inventories, a pickup in trade, and increased spending by state and local governments.
However within the report, consumer spending--the main driver of the U.S. economy--fell to a paltry 1.5 percent, the slowest rate in three years. This is one reason the strong Jobs Report was significant: If consumers aren't confident about their jobs or are out of work or underemployed, spending will continue to be soft. That would not a good sign for the U.S. economy going forward.
What does this mean for home loan rates? Is it a good time to buy a home at Lake of the Ozarks? The Fed's current Quantitative Easing program continues to help keep home loan rates attractive. Remember that the Fed has been purchasing $85 billion in Bonds and Treasuries each month to stimulate the economy and housing market. The Fed has said that its decision regarding when to taper these purchases will be dependent on economic data. If economic data in the coming weeks is strong, like the Jobs Report was, the Fed could discuss tapering its purchases in its December meeting of the Federal Open Market Committee. This could have a big impact on home loan rates heading into 2014.
The bottom line is that Lake of the Ozarks home loan rates remain attractive compared to historical levels and now remains a great time to consider a home purchase or refinance. Let me know if I can answer any questions at all for you or your clients.
I would love the opportunity to help you manage your Lake of the Ozarks Mortgage Loan or refinance. Give me a call at (573) 746-7211 or send me an email at email@example.com with any questions you may have!!
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Sr. Residential Mortgage Lender
2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049
Direct: (573) 746-7211
Cell: (573) 216-7258
NMLS #: 493712