Mortgage interest rates bounced around last week more than they have in a while. This week could prove to be turbulent with the Jobs Report being released on Friday. Remember, mortgage rates are based on bonds (mortgage backed securities) and they often move the opposite direction of stocks. This is because traders tend to seek the safety of bonds when the stock market is being hit. The reverse is also true. We may also see mortgage rates trend higher when data reveals signs of inflation. Here are some of the economic indicators scheduled to be released this week:
Monday, March 31: Chicago PMI
Tuesday, April 1: ISM Index
Wednesday, April 2: ADP National Employment Report
Thursday, April 3: Initial Jobless Claims and ISM Services Index
Friday, April 4: The Jobs Report
For more nitty gritty, check out my latest issue of Mortgage Market Guide Weekly.
If you would like me to provide you with a no-hassle mortgage rate quote for your home located anywhere in Washington state, please contact me. I’m happy to help you with your refinance or home buying needs!