Mortgage rates are slightly improved this morning as the stock market is taking a bit of a hit. As I write this (8:45 am) the DOW is down about 200 points. It’s not unusual to see mortgage rates improve when the stock markets are selling off as investors will seek the safety of bonds. Mortgage rates are based on bonds (mortgage backed securities) and will often react opposite to the stock market.
This week, we have the Jobs Report on Friday, which often will impact the direction of mortgage rates. If data comes in stronger than expected or indicates wage inflation, we may see rates trend higher. If the data is weaker than anticipated, mortgage rates may improve. It’s not just the markets that impact mortgage rates, world events, such as the uncertainty in the Ukraine, may also impact rates – most often for the better.
Here’s what we have scheduled for economic indicators this week:
- Monday, March 3: Personal Consumption Expenditures (PCE); Core PCE; and ISM Index
- Wednesday, March 5: ADP National Employment Report; ISM Services Index; and the Fed’s Beige Book
- Thursday, March 6: Initial Jobless Claims; and Productivity
- Friday, March 7: THE JOBS REPORT
If you would like more nitty gritty about what’s impacting the direction of mortgage interest rates, check out my latest issue of Mortgage Market Guide Weekly.
The following does not impact mortgage rates 🙂 and are events that are coming up soon! PS: If you would like me to provide you with a mortgage rate quote for a home located anywhere in Washington state, please click here.
REAL ESTATE BROKERS: I have re-launched “R TEAM” which is a network group for real estate agents to share buyers needs and listings. Our first meeting is this Wednesday, March 6th at our corporate office. I will be sharing information on Freddie Mac’s Home Possible program, which is a great alternative to FHA. For more info or to RSVP, click here.
REAL ESTATE BROKERS, FELLOW MORTGAGE ORIGINATORS, TITLE/ESCROW PROFESSIONALS – ANYONE in the real estate industry or interested in social media/tech: On Thursday, March 13th, Greater Seattle RE BarCamp returns! Advance tickets are $10 and include lunch. For more information about this “un-conference” please visit www.rebarcamp.com/seattle