Today, mortgage rates stabilized near the all time historic lows they reached last week. The stock market saw the biggest of the rally of the year yesterday, which moved mortgage rates up a bit. Profit taking in the stock market looks to have played a role in mortgage rates recovering some of the ground lost yesterday.
Forces With the Potential to Move Mortgage Rates This Week
The Europe Factor
Europe and any more signs of potential debt insolvency in Spain and or Italy is the wildcard for market watchers.
Good or bad news coming out of Europe has the potential to move mortgage rates up or down. Look for upward pressure on mortgage rates if good news comes out of Europe and downward pressure on mortgage rates should bad news come out of Europe.
Tomorrow will see the release of the weekly unemployment report from the Department of Labor, the Existing Home Sales report March and the LEI or Leading Economic Indicators report, which is released later in the day.
Market watchers are also awaiting next weeks FOMC announcement, which always has the potential to move the markets and mortgage rates.
Mortgage Rate Quote Questions?
If you’re wondering where mortgage rates are right now, please call us directly or use the rate request form above. Since mortgage rates change many times per day, we can give you an up to the minute quote and even pre-qualify you if necessary.
Have questions about mortgage loan options that will best fit your needs? We can answer any questions you might have in addition to putting together a mortgage strategy that makes the most sense based on your needs.