This week is packed with economic data that may impact mortgage the direction of mortgage interest rates including the Jobs Report on Friday. Here are some of the economic indicators scheduled to be released:
Monday, December 2: ISM Index
Wednesday, December 4: ADP National Employment Report; New Home Sales; Beige Book
Thursday, December 5: Initial Jobless Claims, Gross Domestic Product (GDP); GDP Chain Deflector
Friday, December 6: The Jobs Report; Consumer Sentiment Index (UoM)
Remember, mortgage interest rates are based on mortgage backed securities (bonds) and when the stock market it rallying, it’s not unusual to see traders swap the safety of bonds for the potential stronger return found in stocks. The reverse is also true. Bad news tends to cause mortgage rates to improve. Withe the economic indicators that are being released, watch for signs of inflation, which will cause mortgage rates to trend higher.
PS: I’m not just a mortgage blogger! If you are interested in buying or refinancing your home located anywhere in Washington state, I’m happy to help you with your mortgage needs.