Last week concluded with mortgage rates moving in an extremely tight trading range, with rates closing the week near all time historic lows. The economic data that was released did little to move the markets and things were fairly quiet on the Europe front.
What’s Moving Mortgage Rates This Week?
We will see a lot of activity this week in terms of economic data being released that can move mortgage rates. In addition to GDP data for the 1st quarter, reports relating to jobless claims and new home sales will be released.
More importantly, there is a two day FOMC (Federal Open Market Committee) meeting being held, which will be followed by a press conference being held by FED chairman Ben Bernanke. Since there have been more and more signs that the recovery that was believed to be in progress is slower than first thought, the market will be listening intently to any comments coming from the FOMC statement. Any news that indicates the economy is improving can push mortgage rates higher, while any less than good news has the potential to put downward pressure on mortgage rates.
European Debt Crisis
As usual, market watchers will be keeping an eye on Europe this week for any news about potential debt insolvency issues in Spain and Italy. As is the case with any economic news that has the potential to affect the US, good news coming from Europe as the potential to move mortgage rates up, while bad news has the potential to move mortgage rates down.
Economic Calendar for Week of April 23, 2012
- Monday – N/A
- Tuesday – S&P Case-Schiller HPI, New Home Sales, Consumer Confidence
- Wednesday – *FOMC Forecasts, *Chairman Press Conference, Durable Goods Orders
- Thursday – Jobless Claims, Pending Home Sales Index
- Friday – GDP, Consumer Sentiment
Where Are Mortgage Rates Now?
Mortgage rates can change many times per day. To get an up to the minute mortgage rate quote, simply fill out the fast rate quote form above or call us directly.
Not only can we help you get a fast and free mortgage rate quote, but we can also answer any mortgage related questions you might have. Additionally, we can put together a mortgage strategy that makes the most sense for your needs.
Should I lock my rate? This is also a popular question. While the likely answer is yes, please call us directly to get to make sure whether or not locking a mortgage rate in near all time historic lows is the best move for your given mortgage scenario.