In the past, I've included the scheduled events that may impact mortgage interest rates in my rate weekly rate post. However, this week is so packed data that I thought it was worthy of a post all its own. Check this out (items that are bold tend to be the may be the most influential to rates):
Monday, April 25: New Home Sales
Tuesday, April 26: Consumer Confidence
Wednesday, April 27: FOMC Meeting and Durable Goods Orders
Thursday, April 28: Gross Domestic Product, Initial Jobless Claims, GDP Chain Deflator and Pending Home Sales.
Friday, April 29: Personal Consumption Expenditures and Core PCE, Employment Cost Index, Chicago PMI and Consumer Sentiment Index (UoM).
Wednesday, we'll learn if the Fed's interest rate decision and possibly gain clues as to their plans with QE2. Ben Bernanke is going to be having a news conference following the FOMC meeting which many will be tuned into hoping for clarity on his views of the direction of our economy. You can see the entire week offers plenty of data to be digested.
Remember, mortgage rates are based on mortgage backed securities (bonds) and are not set by the Fed. Mortgage rates may are impacted by how MBS are being traded on the bond markets. When the stock market is rallying or there are signs of inflation, mortgage rates tend to raise higher. When the stocks are tanking, investors will often seek the safety of bonds which will cause rates to move lower.
Whether or not you should lock or float (not lock) your interest rate depends on your personal risk tolerance. My general stance is that if you like the rate that is currently available – you should consider locking. Decide which scenario is worse for you: losing today's rate by not locking or locking todays rate with a rate drop tomorrow. Please discuss this with your local mortgage professional. I am a NMLS Licensed Mortgage Originator dedicated solely to Washington State. If you are interested in a mortgage for a home located anywhere in Washington State, I am happy to help you.
NOTE: I plan on posting mortgage interest rates today. Stay tuned!