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Mortgage Outlook for Week of November 21, 2011

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Mortgage Outlook 11-21-2011Mortgage rates opened the week lower as European concerns continue with Spain and Italy becoming new areas of focus. The market is also concerned over the progress of the Congressional Super Committee or lack thereof.

Since this is a shortened week for the Thanksgiving Holiday, it’s hard to know what is in store for mortgage rates moving forward and volatility is a definite possibility.

Positive Housing Data From NAR Released

The National Association of Realtors announced late that sales of previously-owned homes rose 1.4% in October. This figure exceeds forecasts of a 1.0% decline in sales, which indicates that the housing sector was stronger than expected last month.

The Week Moving Forward

The rest of the shortened Holiday week will bring a handful of important economic reports as well as the last FOMC meeting’s minutes. Tuesday, the first revisions to the 3rd Quarter GDP (Gross Domestic Product) are released. Tuesday will also see the minutes from the last FOMC (Federal Open Market Committee) will be released as well, giving some insight into the FOMC’s thoughts about the market and data they’ve analyzed. More data will be released on Wednesday for Jobless Claims, Consumer Sentiment, Durable Goods Orders and Personal Income and Outlays.

Economic Calendar for Week of November 21, 2011

  • Monday – Existing Home Sales
  • Tuesday – GDP, FOMC Minutes
  • Wednesday – Durable Goods Orders, Jobless Claims, Personal Income & Outlays, Consumer Sentiment
  • Thursday – Thanksgiving Holiday

Holiday Mortgage Rate Lock?

Rates are near all time record lows, but should you refinance or are you better off staying in your existing loan? How much can you qualify for if you decide to purchase a new home? We can answer these questions and more by giving you a free consultation where we can analyze your existing scenario and help you understand what changes, if any, need to be made regarding your mortgage. We can also help you understand what loan options are available and what programs are the best fit for your needs.

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Derrick Evans has written 3114 articles on GI Home Loans


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