What's On Tap?

Very light week on the forecast there are only two potential "market and rate movers"; weekly jobless claims on Thursday and University of Michigan Consumer Sentiment report on Friday (keep in mind this could not do much at all). So basically once again "headline" news will be moving the markets this week.

On the front already this morning are congressional efforts to curb speculative trading on the oil platform. I read an article last week that stated speculative buyers on the oil platform account for over 70% of the rising gas prices. I truly do not know if this is true however a representative from Exxon Mobil stated that given the current supply and demand parameters oil should be trading between $50-$55 a barrel less than half of what it is trading at this morning. I don't want to get into a big debate over this so early in the week but at least you get my point on "headline" news.

Another big piece of news that will hit "close to home" is InBev's proposal to try and "re-organize" Anhueser-Busch's board of director's to "push along" it's takeover/buyout of the company. Some of you may have missed this but about a week or so ago InBev, a belgian brewer offered to buy Anhueser Busch for cash even though it was not interested in being sold. Since then the belgian brew giant has been trying to "entice" Anhuser's executive management team to bite on the deal.

Hopefully things will turn positive for rates this week it seems we have been hovering around 6.25%-6.5% for the past two weeks as traders are more interested in putting their money else where in the market. With the DOW below 11,300 I must say that I am a little hesitant on this happening any time soon!

Brought to you by Professional Mortgage Group, Inc.
Your Columbia Missouri Mortgage Broker