This week we find ourselves in the shadow of, rather unsurprisingly, GDP figures that show the economy has shrunk by 0.2% in the last quarter and, predictably, another debacle over the Greek issue.
Whilst we may be heading for our first double-dip recession since 1975, there are enough voices out there who believe it will be shallow and short, (which is how my wife describes me!)
So this is my 3rd Market Watch now and apart from the fact that I am still waiting for a decent photo rather than the one glaring at you now, I have already had a taste of the difficulties of this column and how people, and by people I mean lenders, react to it.
More in a sec, but first the headlines: Swaps have continued on their slight downward trajectory with LIBOR again holding firm.
Three-month LIBOR is unchanged at 1.09%.
1-year money is down 0.09% at 0.985%
2-year money is down 0.08% at 1.23%
3-year money is down 0.09% at 1.26%
5-year money is down 0.10% at 1.485%
There are quite a few good news stories around this week and personally speaking I can’t quite remember a busier, in enquiry terms, first week of January at all. Some of the brokers I have spoken to have echoed this so let’s hope it keeps up and translates into business for us all.
Swaps have actually meandered down since last week with LIBOR holding firm.
Three-month LIBOR is unchanged at 1.09%.
1-year money is down 0.075% at 1.075%
2-year money is down 0.06% at 1.31%
3-year money is down 0.06% at 1.35%
5-year money is down 0.03% at 1.585%
In my mind 2012 was always meant to be the year when everything began to improve, after all we have the Olympics and the feel good factor from that together with a good Euro Championships would surely propel us on to bigger and better things? However, it looks as if I may have been a little lost in dreamland with that, although to be honest no-one really foresaw the issues from Credit Crunch 1 mutate into the mega-storm that threatens to break up the Euro itself.
As I have started a weekly column for Mortgage Strategy, taking over the prestigeous Market Watch slot, I thought I would share this here as well as my standard posts.
It is hopefully a good insight into the Mortgage Industry, a bit of economics, latest lender news and rate updates, plus general musings.
Anyway, enjoy and as ever feedback is welcome.
So here we all are in 2012 and welcome to my inaugural Market Watch column. Stepping into the rather large shoes of Mr Cornell is more than a little daunting and I will do my best to honour the spirit of the column whilst offering my own strange spin on events and try to modernise a tad.
Andrew Montlake, Director and Spokesperson for Coreco, gives his honest and forthright views on the mortgage market, economy and all things property related. Monty was voted "Mortgage Personality of the year 2008" and is the current holder of the British Mortgage Awards "Best Press Spokesperson" title. Expect expert analysis, delivered in a down to earth style with a side helping of exuberance.
A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.
Coreco Group Limited is an appointed representative of the following companies which are authorised and regulated by the Financial Services Authority for advising on and arranging the following: Mortgage Advice Bureau Limited for mortgages, Mortgage Advice Bureau (Derby) Limited for insurance.
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