Helping Washington State homeowners learn more about their mortgage options.
Happy Columbus Day!
Bond markets are closed today so I will not be posting rates this week (at least, not today). However, I will share some of the economic indicators scheduled to be released this week that may impact the direction of mortgage interest rates:
Howdy from Nashville! I’m in Music City to visit my son and check out his new home. I will be back to work on Wednesday morning. My team at Mortgage Master can take great care of you while I’m away. Right now, my son and I are taking a quick break from exploring the city so I thought I’d share what economic indicators may be impacting mortgage rates this week.
There’s not a lot of economic indicators on the dance card this week, so watch for mortgage rates to take their direction from the stock market. Remember, typically if the stock market is doing well, mortgage rates may be deteriorating. The reverse is also true. This is because investors will seek safety with bonds (like mortgage backed securities).
Mortgage rates are bouncing around this morning with the volatility in the markets largely due to an 8% drop in China’s market and dropping oil prices. This morning, the Dow was down over 1,000 points and is now (8:53 am) down about 247. It’s been quite a wild day and it’s far from over. Remember, mortgage rates are based on bonds and may change several times a day.
My apologies for not getting this post published on Monday, as I typically do. On Monday, I dropped my son off at the airport for him to begin the next chapter of his life with his first “real job” in a new city (to him), Nashville. As I know I’ve mentioned before, I am so very proud of him.
This week the economic calendar is fairly light. Mortgage rates have been getting a boost from China revolving from the issues with their currency. When there are world issues, investors will trade the faster profits (hopefully) found in stocks for the safety with bonds, like mortgage backed securities.
It’s the first week of the month and that typically brings us the Jobs Report on Friday morning. It is anticipated that 227,000 new jobs were added last month…we’ll see Friday if the numbers come in as anticipated. The Jobs Report is not just about how many jobs were added to the economy, it also reflects wages. Data that indicates potential inflation may cause mortgage rates to deteriorate.
I’m back from my vacation, sailing the Broughton Islands in Vancouver, B.C. with my hubby and our (almost) 2 year old puppy, Hitch. Thanks to my great team at Mortgage Master for taking care of my clients while I was enjoying some time off. I’m relaxed, refreshed, recharged and ready to help you with your mortgage needs.
The Chinese stock market is taking a hit as the Shanghai Composite lost 8.5% overnight. This is giving mortgage backed securities a bit of a boost this morning. Check out the mortgage rates I’ve posted below.
We don’t have any economic indicators scheduled to be released today. The rest of the week is packed with data that may influence the direction of mortgage interest rates, including the FOMC meeting that will be wrapping up on Wednesday. No change to the Fed funds rate is expected. Here’s what’s on deck with this week:
Mortgage rates have been bouncing in a fairly tight range. Although we don’t have any economic indicators scheduled to be released today, the rest of this week is packed:
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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