Turbulent. Volatile. New Record Low Mortgage Rates. These all describe the market last week. Last week saw mortgage rates set new lows for 2011 and break the previous all time low set in October of 2010.

Last Week Was Marked By:

  1. Increased concern over the stability of European markets
  2. The S&P downgrade of the United States’ credit rating
  3. A less than positive outlook from the Fed, which decided to keep the existing Fed Funds Rate at its existing rate
  4. Volatile movement in the markets with the Dow losing over 600 points in a single day
  5. Consumer confidence reaching the lowest level since May of 1980

What Will Mortgage Rates Do This Week?

Will rates go up, down or stay the same this week? The truth is that nobody knows where rates will be tomorrow or even later today. This is a VOLATILE market and the opportunity to take advantage of these low rates can and very well may likely disappear in a handful of hours as a fast move up is expected when they do move. Now is the time to lock in record low rates, holding off on a lock now is gambling.

Economic Calendar for Week of August 15, 2011

  • Monday: Housing Market Index, Dennis Lockhart from the Fed speaks
  • Tuesday: Housing Starts, Building Permits
  • Wednesday: Producer Price Index, Richard Fisher from the Fed speaks
  • Thursday: Jobless Claims, Existing Home Sales, William Dudley from the Fed speaks
  • Friday: William Dudley and Sandar Pianalto from the Fed speak