Mortgage rates got some relief today, improving slightly after spending most of the week rising, mirroring activity we saw last week. Today marked the most mild day the bond markets have seen in weeks. While the hope is that this may signal a change in the upward trend for mortgage rates, this will remain to be seen next week.
Mortgage rates are still within reach of all time historic lows, however, and still present a significant opportunity for new home buyers or those looking to refinance their existing mortgage.
Consumer Sentiment Data Released
Today saw new Consumer Sentiment and Leading Economic Indicators data released. Consumer sentiment data shows that expectations about the future have slipped to a level not seen since December of 2011. On a more positive note, sentiment about current economic conditions hit the highest level seen in three months.
“People have said the worst scenario is not going to happen,” said John Silvia, chief economist at Wells Fargo Securities. Confidence “seems to be stabilizing at a fairly low level, suggesting to me that consumer spending is going to continue. I don’t see a huge pick- up in growth.”
Leading Economic Indicators Report Released
The index of leading economic indicators rose more than expected in July but was not particularly positive about the economy moving forward. The index rose 0.4% last month, reversing a revised -0.4% drop in June. Market watchers were expecting a .2% increase. The July change puts the index back to levels last seen in May.
Economic Calendar for Week Beginning August 20, 2012
- Monday – N/A
- Tuesday – N/A
- Wednesday – Existing Home Sales, FOMC Minutes Released
- Thursday – Jobless Claims, New Home Sales
- Friday – Durable Goods Orders