I’m actually on vacation this week with my son. We haven’t gone on a trip “just the two of us” since he was about 7 or 8 years old…now he’s in college! I will be back to work on Monday, August 5, 2012. This week is jam packed with economic data that may impact mortgage rates, winding up on Friday with the Jobs Report. There are no economic indicators scheduled to be released today.

Tuesday, July 31: ADP National Employment Report, Personal Consumption Expenditures (PCE and Core PCE), Employment Cost Index, Personal Spending, Personal Income, Chicago PMI, ISM Index and Consumer Confidence 

Wednesday, August 1: FOMC Meeting

Thursday, August 2: Initial Jobless Claims

Friday, August 3: The Jobs Report and ISM Services Index

Whew! After all of that, I feel like I need a vacation. Seriously, if you need anything while I’m away, please contact my office at 253-859-5300 or Marilyn Porter, my sister-in-law and President of Mortgage Master Service Corporation at 206-669-2746. 

This week is packed with scheduled economic indicators that may influence mortgage rates.  Let's face it, mortgage rates have been extremely low and have been for quite a while. Its very easy to assume they will stay this way for months or a few years – do keep in mind that this is an election year and, even if not an election year, things change. Even when rates stay low, banks may add on risk based pricing or price a program to where it's not very attractive to control their inventory. All I'm trying to say is please don't take the current low interest rate environment for granted.  With that said, here are some of the economic indicators scheduled to be released this week that may impact mortgage rates:

Monday, July 16:  Retail Sales and Empire State Index.  NOTE: Retail sales came in weaker than expected today.

Tuesday, July 17: Consumer Price Index, Industrial Production and Capacity Utilization. NOTE:  Fed Chairman Bernanke is on Capitol Hill tomorrow and Wednesday for his semi-annual testimony on the economy.

Wednesday, July 18: Housing Starts, Building Permits and the Beige Book

Thursday, July 19: Initial Jobless Claims, Existing Home Sales and the Philadelphia Fed Index

I'm writing this post late Monday evening taking in the last of the Seattle sunset. I am astonished at how low mortgage rates have been for this amount of time. Despite the low mortgage rates, mortgages are getting a little trickier to obtain depending on your circumstance.  Many banks are turning their noses up at borrowers who do not have their existing mortgage with them – pretty pathetic when you consider how much our of tax dollars went to bailing them out, in my humble opinion.

If you would like me to provide a mortgage rate quote for your home purchase or refinance on a home located anywhere in the beautiful State of Washington, please click here.  We are a correspondent lender who has been serving Washington since 1976.

Here are a few of the scheduled economic indicators which may impact mortgage rates this week:

Tuesday, June 19: Housing Starts and Building Permits.

Wednesday, June 20: FOMC Meeting

Thursday, June 21: Initial Jobless Claims, Existing Home Sales and Philadelphia Fed Index

Remember, mortgage interest rates are based on mortgage backed securities (bonds) and when the stock market is rallying, rates tend to trend higher. The reverse is also true, as investors will seek the safety of bonds when stocks are tanking.

As Greece seems to be out of the hot water for now, the next event to watch for may be the results of the FOMC Meeting on Wednesday. All eyes and ears will be tuned in for whether or not there will be more stimulus with QE3.

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If you would like to provide you with a personal rate quote for a home purchase or refinance on your home located anywhere in Washington state, click here.