This week, mortgage rates will be following the drama surrounding our financial “fiscal cliff”. If traders see optimism that we will avoid “going over the cliff”, you may see mortgage rates trend higher.
Here are a few of the economic indicators scheduled to be released this week:
Monday, December 17: Empire State Index
Tuesday, December 18: NAHB’s Home Builder Confidence (this came in at the highest levels since 2006!)
Wednesday, December 19: Building Permits; Housing Starts
Thursday, December 20: Initial Jobless Claims; Gross Domestic Product (GDP); Existing Home Sales; Philadelphia Fed Index
Friday, December 21: Personal Consumption Expenditures (PCE); Personal Income; Consumer Sentiment (UofM)
As someone who grew up in Renton, a suburb of Seattle, whenever I hear the phrase “Fiscal Cliff” I have an image an evil villian like, Boris S. Wart. Boris S. Wort was the second meanest man in the world and was a character on the J.P. Patches show that many of us watched growing up.