Mortgage Rate update for the week of March 25, 2013

There are no economic indicators scheduled to be released today. What is impacting the direction of mortgage rates this morning is the small European country of Cypress. Banks are re-opening tomorrow and it’s widely expected that there will be a run on the Cypress savings accounts because of the tax that is being imposed on the citizens. The markets fear that this may spread to other countries in Europe.

Here are a few of the economic indicators scheduled for this week:

  • Tuesday, March 26: Durable Goods Orders; S&P Case-Shiller Home Price Index; Consumer Confidence; New Home Sales
  • Wednesday, March 27: Pending Home Sales
  • Thursday, March 28: Initial Jobless Claims; Gross Domestic Product (GDP); Chicago PMI
  • Friday, March 29: Personal Income and Personal Consumption Expenditures (PCE); Consumer Sentiment Index (UoM)

The bond market will close early on Thursday to begin the holiday weekend.  

As I write this post (7:40 am 3/25/23) the DOW is down 16 at 14495. MBS (mortgage backed securities) is sligh up 3 bps.

This is also your last week to get a new FHA loan with current reduced mortgage insurance premiums. Effective with new FHA case numbers issued April 1, 2013 or later, FHA annual mortgage insurance premiums are going up. If you have an FHA loan that is in process with a mortgage company, contact your mortgage originator and make sure they have your case number. 

If you are considering buying or refinancing a home located anywhere in Washington, I’m happy to help you! Click here if you would like me to provide you with a mortgage rate quote based on your personal scenario.

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