Mortgage rate update for the week of October 15, 2012

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mortgageporter-economyHere are a some of the economic indicators scheduled to be releases this week which may impact the direction of mortgage rates.

Monday, October 15: Retail Sales and Empire State Index

Tuesday, October 16: Consumer Price Index (CPI); Industrial Production and Capacity Utilization

Wednesday, October 17: Building Permits and Housing Starts

Thursday, October 18: Initial Jobless Claims and Philadelphia Fed Index

Friday, October 19: Existing Home Sales

Other events may cause mortgage rates to trend higher or lower as well. The governments commitment to purchasing mortgage backed securities to keep mortgage rates low, drama in other parts of the world and speeches or testimony by policy makers may also influence mortgage rates.

Mortgage rates are based on mortgage backed securities (bonds) and when the stock market is rallying, investors will trade the safety of bonds for the potential higher return found with stocks. The reverse is also true.

If you would like me to provide you with a rate quote based on your personal information for your home (primary, vacation/second home or investment property) anywhere in Washington state, please contact me.

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