Last week is saw mortgage rates decrease a bit after a rise over the past few weeks. Last week also saw a handful good but not great economic reports come out. That data was a bit of a disappointment to the markets, which helped exert downward pressure on mortgage rates.
Economic Data that May Move Mortgage Rates
This week will see some important economic reports being released including the FOMC Minutes from the last Fed meeting and a few reports related to employment that have the potential to move mortgage rates.
Expect great news from these reports to exert upward pressure on mortgage rates, while any negative or less than stellar news may exert downward pressure on mortgage rates.
Europe in the Spotlight
This week new attention is being focused on Europe, once again. While the debt debacle in Greece has been resolved for the time being; now Spain, Italy and other Euro countries are showing signs of unease as they attempt to deal with their own debt issues. Any new or negative information coming from the region could provide more evidence that a recession in Europe may be in the cards.
Negative news from Europe is good for mortgage rates in the United States, however. Expect mortgage rates to tick lower should any significant Euro debt situations arise or escalate, especially with regards to Italy and Spain.
Economic Calendar for Week of April 2, 2012
- Monday – ISM Mfg Index, Construction Spending
- Tuesday – Factory Orders, Motor Vehicle Sales, FOMC Minutes
- Wednesday – ADP Employment Report
- Thursday – Jobless Claims
- Friday – Employment Situation