On Wednesday, we’ll have the results of the Fed Meeting which is sure to influence mortgage rates as traders wait for clues as to what the Fed plans to do with quantitative easing. It is not anticipated that the Fed will make any changes to the Fed Funds rate at this meeting. Ben Bernanke will be holding a press conference on Wednesday following the Fed Meeting.
Here are some of the economic indicators scheduled to be released this week:
- Monday, June 17: Empire State Index
- Tuesday, June 18: Building Permits; Consumer Price Index (CPI); Housing Starts
- Wednesday, June 19: the FOMC Meeting
- Thursday, June 20: Initial Jobless Claims; Existing Home Sales; Philadelphia Fed Index
Remember, mortgage rates are based on mortgage backed securities (bonds) and when the stock market is rallying, mortgage rates tend to deteriorate as investors will trade the safety of bonds for the potentially stronger return found with stocks. The reverse is also true.
Want more details? Check out this week’s issue of Mortgage Market Guide Weekly.
If you would like me to provide you with a mortgage rates quote for your refinance or purchase for a home located anywhere in Washington state, where I’m licensed, click here.