We start the week off in a positive direction for mortgage rates stemming from multiple positive economic events last week. The first event was good news regarding Greece’s debt issues as the country looks to pass an act that will lay out a plan for remaining solvent and keep other European nations and the IMF happy.
The second positive event was that the Federal Open Market Committee left the Fed Funds Rate (interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions) unchanged at .000% – .250% while lowering it expectations of growth in the future for the US economy. While the expectations growth outlook was not positive news for the economy as a whole, it is good for mortgage rates, which move lower in times of economic uncertainty or turmoil.
Economic Calendar for Week of June 27, 2011
- Monday – Personal Income & Outlays Report for May, Kocherlakota and Koenig from the Fed speak, 2 Year Treasure Note Auction
- Tuesday – Case-Shiller 20-city Index, 5 Year Treasure Note Auction
- Wednesday – Consumer Confidence, Pending Home Sales, 7 Year Treasure Note Auction
- Thursday – Initial Jobless Claims
- Friday – Construction Spending
Not sure if you are in the best mortgage for your needs? We can give you the information you need to decide which options make the most sense for your current or future mortgage. Mortgage rates have continued to maintained low levels for months, creating a great opportunity to lock in a low rate on new home purchases or refinances, now is a great time to take advantage of low rates before they inevitably begin to move higher.