Mortgage Outlook for the Week of 4-30-12Last week saw mortgage rates mostly unchanged in a very tight range hovering right above all time historic lows.

The FOMC met and left the FED funds rate at 0.00% – 0.25% and expressed some mixed concerns about health of the economy.  There was also some other economic data that came out, the most important being GDP (Gross Domestic Product) data. GDP came out a bit on the disappointing side, which is good for mortgage rates as it bad economic news can sometimes exert downward pressure on rates.

Mortgage Rates and the Week Ahead

Expect market watchers to continue keeping an eye on Europe this week, especially in light of Spain’s recent downgrades. Any negative news coming out of Europe will put downward pressure on mortgage rates in the United States and significantly bad news could push mortgage rates to new historic lows.

There are a handful of economic reports coming out this week with the potential to move mortgage rates.  As with news coming out of Europe, any significantly bad news, especially relating to employment in the US, has the potential to push mortgage rates into new historic low territory.

Economic Calendar for Week of April 30, 2012

  • Monday – Personal Income and Outlays
  • Tuesday – ISM Mfg Index, Construction Spending
  • Wednesday – ADP Employment Report
  • Thursday – Jobless Claims, Productivity & Costs
  • Friday – Employment Situation

Mortgage Rates Are Near All Time Historic Lows, Should I Lock?

Chances are that locking in your mortgage rate now makes a lot of sense. Not only can we help you lock in a mortgage rate that is near all time historic lows, we can help explain which loan options exist and which ones might make the most sense for your situation.

Since mortgage rates can change many time per day, if you would like an up to the minute quote, feel free to find out where rates are using the free rate quote request form above or by calling us directly.

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