PREDICTING THIS WEEKS MORTGAGE RATES Mortgage rates have moved quickly this month, making it difficult to shop for the lowest mortgage rates possible. This week, rates could be equally jumpy. As a rate shopper, the most important thing to remember is that this months government shutdown has delayed the release of economic data including, but not limited to, the Non-Farm Payrolls report, the Retail Sales report, and key inflation reports. This is a big deal because, several weeks ago, the Federal Reserve reminded us that its dependent and that the future of QE3 and other stimulus would depend on the general health of the U.S. economy. QE3 is linked to low mortgage rates. Its only known truth is that the longer the shutdown lasts, the weaker U.S. economic output will be. The government shutdown is estimated to cost $160 million daily, with unknown long-term costs related to loss of business and consumer confidence. This week, the shutdown may end. Until it does, however, markets will search for clues for whats with QE3 and U.S. mortgage bonds and there will be no shortage of places to look between now and Friday. The calendar of events for Fed member speeches is on full-tilt : Monday : Fed Chairman Ben Bernanke speaks Tuesday : Fed Members John Williams, Richard Fisher and William Dudley speak Wednesday : Fed Member Richard Fisher speaks Thursday : Fed Members Richard Fisher, Charles Evans, Esther George, and Narayana Kocherlakota speak Friday : Fed Members Daniel Tarullo, Charles Evans, and Jeremy Stein speak In addition to this weeks scheduled Fed speakers, there are non-government-published reports which may affect this weeks mortgage rates, including Wednesdays National Association of Homebuilders Housing Market Index.
Posted on: Tue, 15 Oct 2013 02:53:38 +0000
Trending Topics
Recently Viewed Topics
© 2015