The past two to three weeks have seen mortgage rates rise, with a slight stall and recovery where mortgage rates regained a little ground last Thursday and Friday. Mortgage rates have begun to climb as market watchers have seen things calm down a bit in the Eurozone and a handful of positive economic reports have come to light. Generally mortgage rates will rise on good economic information, something that has been scarce until the past few weeks.
Today saw the rising mortgage rate trend continue with rates moving up slightly throughout the day. While we are still near all time historical lows, the upward trend has established and rates are going up, albeit slowly.
Mortgage Rates and the Week Ahead
There is limited economic information coming out this week, but the data that is being released is important to market watchers. Data regarding the Producer Price Index, Retail Sales, Consumer Price Index and Jobless Claims can help confirm the beginnings of a more positive streak of economic data being released or show market watchers that while more positive than expected data has been released in past week(s), the economy is clearly still struggling.
Keep in mind that positive econonomic data will tend to exert upward pressure on mortgage rates, while negative or less than positive economic data will tend to place downward pressure on mortgage rates.
Economic Calendar for Week Beginning August 13, 2012
- Monday – N/A
- Tuesday – Producer Price Index, Retail Sales
- Wednesday – Consumer Price Index, Industrial Production
- Thursday – Housing Starts, Jobless Claims, Philadelphia FED Survey
- Friday – Consumer Sentiment