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In Clearwater Florida Over 24 Hours saw Tampa Mortgage Rates Shoot Higher

The Ying and Yang of Clearwater Tampa Mortgage Rates

Clearwater FloridaTampa Mortgages:  Rates go up, Mortgage rates go down – it seems we’re living with the constant Ying and Yang of the mortgage and Clearwater real estate market.  If you’re one of the lucky ones, you’ll catch them while they’re down and while they last.Iniital Jobless Claims May 21 2009

After Wednesday’s mortgage market rally drove rates down by a bunch, Thursday’s sell-off pushed them right back up.

This has been a common pattern in the skittish world of mortgage rates this year.

With the U.S. economy still teetering between recession and growth, markets are looking for signals anywhere it can find them – mortgage markets and real estate markets are no different.  Thursday’s clue came from a government report showing that more Americans are collecting unemployment benefits than at any point in history.

Strangely, mortgage rates rose on the news.

We call it “strange” because weak economic data has tended to draw mortgage rates lower lately to the benefit of prospective home buyers and would-be refinancers. Lower rates make Clearwater homes more affordable.

Thursday, though, the pattern broke.

Why Did Mortgage Rates Rise Today in Clearwater and Tampa?

The main reason why Florida mortgage rates rose Thursday isn’t because of the employment report or any other piece of data.  Rates rose Thursday for the same reason that they had dropped the day prior — the Federal Reserve.

On Wednesday, the released minutes from the Fed’s last meeting suggested that the group might make a larger mortgage market intervention.  On Thursday, in the face of worsening jobs data, markets bet the Fed wouldn’t.

Clearwater – Tampa Mortgage rate shoppers and home buyers, unfortunately, got caught in the crosshairs.

Rates can — and do — change quickly, without warning.  And, thus far this year, the changes have been extra sudden.  This is one reason why it’s often prudent to lock your Clearwater Tampa mortgage rate as soon as you find one that’s agreeable.  Wait too long, and it could be gone.

Expect more volatility today with traders leaving early for Memorial Day Weekend.  Less volume means more chances for rates to change.

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Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater Beach Florida St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.

About Cyndee Haydon

Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile

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