Plenty of Economic Reports On-Deck this Week

As if waiting to see whether or not our elected officials in Congress can agree on a plan addressing our debt issues, we have several economic indicators scheduled to be released this week that have historically impacted the direction of mortgage interest rates.  The DOW started off very positive (up 139) anticipating a deal had been reached, only to dramatically tank when the lowest ISM Manufacturing figures in two years were released this morning.  The market has been very volatile and remember, “typically” when the stock market is tanking, mortgage rates tend to improve as investors will trade stocks for the safety of bonds (like mortgage backed securities). The reverse is also true.

Here are some of the economic indicators that are scheduled to be released this week:

Monday, August 1:  ISM Index

Tuesday, August 2: Personal Consumption Expenditures and Core PCE

Wednesday, August 3:  ADP National Employment Report and ISM Services Index

Thursday, August 4:  Initial Jobless Claims

Friday, August 5:  THE JOBS REPORT

Stay tuned! If I can help you with a mortgage rate quote for your refinance or getting preapproved to buy a home anywhere in Washington, please contact me!