Mortgage rate update the week of October 22, 2012

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Although it may appear that this week doesn’t have a lot going on when you review the scheduled economic reports to be released, don’t that trick you. Tomorrow we’ll hear from the Fed and while we do not expect any changes to the Fed Funds interest rate, investors will be paying close attention to the Fed’s announcement.

Mortgage rates are not only impacted by scheduled economic indicators and the Fed’s continued purchase of mortgage backed securities. This morning, as I write this post (8:00 am pst), the DOW is down 235, due to poor corporate earnings and renewed worries about Spain. When stock markets are taking a hit, traders will often seek the safety of bonds, like mortgage backed securities. 

Here are some of the economic indicators scheduled to be released this week:

Wednesday, October 24: FOMC Meeting and New Home Sales

Thursday, October 25: Initial Jobless Claims; Durable Goods Orders and Pending Home Sales

Friday, October 26: Gross Domestic Product (GDP); GDP Chain Deflator and Consumer Sentiment (UoM)

Next week, just before the election, we’ll have the Jobs Report.

Mortgage rates remain at very low levels. If you’ve been considering buying a home or an investment property, you may be surprised how affordable today’s mortgage payment may be. If you’re interested buying a home or refinancing your mortgage on your home located anywhere in Washington state, I’m happy to help you. Click here for a free mortgage rate quote for your Washington home.

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