You might remember that last week we introduced the Genie Of The Week, also known as one of our featured lenders.  This week, we’re featuring Brandon Nicely, branch manager of Alcova Mortgage in Blacksburg.  This week’s Mortgage Genie tells us …

"Interest rates are still looking strong as we head into the spring of the year.  When we look back on the Italian Prime Minister resignation, weak economic news from Germany and $13 billion in 5 year notes auctioned off, we can say this week has been good for interest rates.  Strong foreign demand for Bonds has helped keep our US Bond prices high and interest rates low.   Looking toward next week it appears rates will continue to stay low.  The announcement of Dell’s fourth quarter earnings being 33% less than one
year ago has applied selling pressure to stocks.  Since there are no high impact reports scheduled for release until next Friday’s job report bonds will likely be influenced by stocks.  In that case we do not foresee any major changes with interest rates until the job report next week.  Please keep in mind interest rates follow the bond market and if stocks are selling off and not doing well, the majority of the time interest rates will drop.  That is what happened this past week.  Interest rates for a 30 year fixed
are hovering at 6% with no points."

And the Genie has spoken … find out more about Brandon and Alcova Mortgage, prequalify, or research rates at his website, brandonnicely.com, or call 877-552-7150.