This week is seeing mortgage rates decrease a bit after a rise over the past few weeks. The overall theme this week is that the economic data that was released was good, but not great, which was a bit of a disappointment to the markets. This means that the lackluster data helped exert downward pressure on mortgage rates.
Weekly Economic Data Summary
Personal Income & Outlays Data: This week saw February’s Personal Income & Outlays report show a 0.2% increase in spending (lower than expectations) with a rise in spending of 0.8% (higher than expectations). These numbers indicate that American consumers spent more money while bringing home less money.
Consumer Sentiment Data: This morning saw the University of Michigan post their revised Consumer Sentiment Index for the month of March. The updated reading of 76.2 showed a significant increase from the preliminary reading of 74.3. This number is higher than the markets were expecting.
Jobless Claims: Unemployment claims fell this week to 359,000, a decrease of 5000 claims.
GDP / Gross Domestic Product: There were no surprises for Gross Domestic Product for the fourth quarter as it came in at 3.0%, as market watchers forecasted. This is the best GDP growth data that has been released in the last couple of years.
Where Are Mortgage Rates Now?
Mortgage rates can change multiple times per day based on what is occurring in the markets. Not only can we help you get a fast mortgage quote so you can get an up to the minute update, but we can also help you lock in a mortgage rate if that makes the most sense for your your specific mortgage needs. Additionally, we can help answer any questions you might have about which loan programs are available and might fit your mortgage needs and goals the best.