This week is packed full of economic data that may dramatically impact mortgage rates. Not only do we have the results of the Fed meeting on Wednesday, we wind up the week with the Jobs Report on Friday. I anticipate this will be another volatile week for mortgage interest rates.
Remember, mortgage interest rates are based on mortgage backed securities (bonds) and when the stock market is rallying, mortgage rates may deteriorate as investors will trade the safety of bonds for the stronger return potentially found with stocks. Just as when the stock market is taking a punch, you tend to see mortgage rates improve.
Here are some of the economic indicators scheduled to be released this week that may impact mortgage interest rates:
Monday, July 29: Pending Home Sales
Tuesday, July 30: S&P/Case-Shiller Home Price Index; Consumer Confidence
Wednesday, July 31: ADP National Employment Report; Gross Domestic Product (GDP); Chicago PMI; FOMC Meeting
Thursday, August 1: Initial Jobless Claims; ISM Index
Friday, August 2: The Jobs Report; Personal Consumption Expenditures (PCE).
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