Mortgage rates continue to be at very low levels. Although they’re not at the lows from May, Freddie Mac’s Mortgage Market Survey reports that mortgage rates have been trending lower for the last four months. If you missed the refi-boat a few months ago, this may be your second chance. You may want to contact a local licensed mortgage professional for an updated mortgage rate quote (if your home is located anywhere in Washington state, I’m happy to help you).
Mortgage rates are based on mortgage backed securities (bonds) and often change throughout the day. Don’t let this week’s light calendar mislead you, as on Friday, we’ll have October’s Jobs Report which tends to impact mortgage rates. Typically good news will cause rates to trend higher and not so good news will cause rates to improved. Mortgage rates may also move in the opposite direction of stocks. This is because investors will seek the safety and stability more often found with bonds when stocks are getting beat up. The reverse tends to also be true. Signs of inflation will also cause mortgage rates to trend higher (watch for GDP, PCE and the Jobs Report for inflationary data).
Here are some of the economic indicators scheduled to be released this week that may impact mortgage rates:
- Tuesday, November 5: ISM Services Index
- Thursday, November 7: Initial Jobless Claims; Gross Domestic Product (GDP)
- Friday, November 6: The Jobs Report; Personal Consumption Expenditures (PCE); Consumer Sentiment (UoM)
For more information about mortgage rates and trends, check out this week’s issue of Mortgage Market Guide.