This morning Freddie Mac released their weekly Prime Mortgage Market Survey report with a title that I couldn’t agree with more: “Lower-than-expected mortgage rates offer refinance opportunity“.
Freddie Mac’s Prime Mortgage Market Survey released today reports that mortgage rates for the 30 year fixed conforming averaged just below 4% last week. [Read more…]
This is a short week with the Christmas holiday rapidly approaching. With many traders being on vacation for the holidays, we will most likely see additional volatility through the end of this year. Next week will be a short holiday week as well.
Here are some of the economic indicators scheduled to be released this week that may impact the direction of mortgage interest rates:
Fed Chair Janet Yellen is expected to announce an increase of 0.25% to the Fed Funds rate following the wrap up of today’s FOMC meeting around 11:00 PST.
I apologize for not getting this post done yesterday as I typically do. Last week, I was in Nashville attending the Mortgage Bankers Association’s Independent Mortgage Bankers Conference. It wrapped up on Friday which gave us some time to visit with my son who currently lives there. Our flight home Sunday afternoon was cancelled, which meant my sister-in-law and I had the pleasure of spending most of yesterday on flights to get back home to Seattle. Just for fun, I thought I’d share a pic I took of Minnie Pearl’s hat and shoes, which are on display at the Ryman Auditorium, home of the original Grand Ole Opry.
Can you believe November is here already? With this being the first week of the month, we have the Jobs Report scheduled to be released on Friday. The Jobs Report tends to influence the direction of mortgage rates because it may show signs of inflation, with rising incomes, which is the enemy of bonds. Mortgage rates are based on mortgage backed securities (bonds). So a Jobs Report that reveals the economy is doing great and wages are going up may cause mortgage rates to trend higher.