The debt ceiling is influencing the markets today with the potential threat of the government shutting down at midnight tonight. Did you know that Congress is exempt from furloughs and will still be paid if the government shuts down?
Friday we have the Jobs Report, which typically will impact the direction of mortgage rates. Disappointing figures may cause rates to improve and strong data tends to cause mortgage rates to rise. Remember, 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 stronger return found in stocks. The reverse is also true.
Here are some of the economic indicators scheduled to be released this week:
Monday, September 30, 2013: Chicago PMI
Tuesday, October 1, 2013: ISM Index
Wednesday, October 2, 2013: ADP National Employment Report
Thursday, October 3, 2013: Initial Jobless Claims and ISM Services Index
Friday, October 4, 2013: THE JOBS REPORT
For a current rate quote based on your financial scenario on homes located anywhere in Washington state, please click here.
PS: I will be teaching a Home Buyers Education class this Saturday, October 5, 2013 at the Green Lake Library from 11:00 – 4:00 with Jim Reppond of Coldwell Banker Danforth. Class participants qualify for down payment assistance programs offered by the Washington State Housing Finance Commission. Space is limited and we’re filling up – if you’re interested in attending on of my classes, please click here.