Here is a great article I found on the site; Mortgage News Blog talking about 6 economic events that will be affecting mortgage interest rates this week! Hope your week is off to a great start!
-David Baker
http://SayHalo.com
This week will be a busy one with 6 important economic reports being released all towards the end of the week.
So what is in store for us? First off will be the one of two Treasury Auctions on Tuesday when the 10 year Notes will be sold. Retails Sales and the FOMC meeting minutes will follow on Wednesday along with the second Treasury auction-30 year Bond.
Retail Sales are important as that indicates what the consumer is spending. Consumer spending makes up two thirds of our economy so that data is watched very closely. Experts feel that sales will be about 0.2% lower than last month’s. Any large decline can trigger a bond rally, lowering mortgage interest rates indicating that the economy is not as strong as hoped fur.
FOMC meeting minutes which are released later on Wednesday will be closely scrutinized for any wording that would indicate what the Fed may do in the near future as to raising the short term interest rates and how they feel the economy is coming along.
Thursday, we have the all important June Producer Price Index and the Core Producer Price Index along with June’s Industrial Production data. All three of these are important as they are an indication to inflationary pressures at the producer level. No change is good for bonds and a decline is even better for bonds.
And on Friday, the Consumer Price Index (CPI) and Consumer Sentiment are released. The CPI and Core CPI measures the inflation at the consumer level while the Consumer Sentiment indicates how the consumers, us, feel about our own financial situation. If we are comfortable and confident, we are more apt to purchase bigger ticket items.
So with a full house of economic reports being released we could see some jitters in mortgage interest rates. This will result in rates moving up and down though I don’t feel that we will have big leaps upward.
You can read more about this and watch a video from the Kiplinger’s report about “Home Energy Audit” in this week’s MMG Weekly Report.
As always, I’ll be following these and more so that I am up on the news that affects mortgage interest rates.
You can also check out the Daily Rate Lock Advisory each day. This report normally comes out around 10am.
I also will report daily on twitter @mmtgsolutions on the mortgage interest rates and what to expect for the day. If one of these reports moves the market in a significant manner, I’ll write about it here.
To an inspiring week,
Betsy Moore
206-331-2749