Mortgage rate update for the week of October 29, 2012
This week is packed with economic indicators that may move mortgage rates with the grand finale being the Jobs Report on Friday.
Hurricane Sandy is also impacting the industry with the bond markets closing this afternoon and Tuesday. This is the first time in 19 years that the NYSE has closed due to a storm. Some lenders are closing their lock desk due to Hurricane Sandy. My thoughts and prayers to those who are in the path of this storm.
Here are some of the economic indicators scheduled to be released this week:
Monday, October 29: Personal Spending; Personal Consumption Expenditures and Core PCE; Personal Income
Tuesday, October 30: Auto Sales and Consumer Confidence
Wednesday, October 31: ADP National Employment Report; Employment Cost Index and Chicago PMI – Happy Halloween!
Thursday, November 1: Initial Jobless Claims; Productivity and ISM Index
Friday, November 2: The Jobs Report. NOTE: it’s expected that around 125,000 non-farm payroll jobs were added in September.
Remember mortgage rates are based on mortgage backed securities (bonds). Mortgage rates tend to improve when the stock market is doing poorly as investors will trade the potentially higher returns from stocks for the safety of bonds. The reverse is also true. Mortgage rates may change several times throughout the day.
Next week we have our elections. Please be sure to vote!
If you’re interested in refinancing or buying a home in Seattle, Redmond, Renton or anywhere in Washington State, where I’m licensed, I’m happy to help you.