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.

I post live rate quotes and mortgage tid-bits on Twitter and my Facebook page. You’re welcome to follow me (you can un-follow anytime).

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.

Here are some scheduled economic indicators that are scheduled to be released the week of April 23, 2012:

Tuesday, April 24: Consumer Confidence and New Home Sales

Wednesday, April 25: Durable Goods Orders and FOMC Meeting

Thursday, April 26: Initial Jobless Claims and Pending Home Sales

Friday, April 27: Consumer Sentiment Index (UoM); GDP – Gross Domestic Product and ECI – Employment Cost Index

Remember, when the stock market is getting pummeled, bonds (like mortgage backed securities) tend to improve as investors will seek the safety of bonds. The reverse is also true – when the DOW is having a great day, we tend to see mortgage interest rates rise.  As I write this post (10:11 am) the DOW is down about 141 and mortgage backed securities are in the "green".

It is highly unlikely that the Fed will make any changes to the Fed Funds Rate on Wednesday. Investors will be all ears to hear what the Fed has to say including signs of inflation or if the economy is improving (both of which may cause mortgage rates to trend higher).

For your personal mortgage rate quote for homes located anywere in Washington state, please click here.  You can also see mortgage rates that I'm quoting "live" by following me on Twitter.