Mortgage Rate update for the week of November 13, 2012

mortgageporter-economyMortgage rates continue to provide many the opportunity to reduce their mortgage payments or to qualify to a home at extremely low rates. With the re-election of President Obama, it’s also likely we will see expansion of the Home Affordable Refinance Program to HARP 3.0 as well as the governments prolonged purchasing of mortgage backed securities, manipulating mortgage rates at these historic low levels.

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What may impact mortgage rates the week of September 10, 2012

Although at first glance, this week may seem like there’s not a lot scheduled that may impact mortgage rates, what is scheduled is significant. We have the FOMC meeting winding up on Thursday following last Friday’s weaker than expected Jobs Report. Friday is packed with reports that may reveal signs of inflation, which tends to drive mortgage rates higher. 

Here are some of the economic indicators scheduled for this week:

Thursday, Sept. 13:  FOMC Meeting; Producer Price Index (PPI); Initial Jobless Claims

Friday, Sept. 14: Retail Sales; Consumer Price Index (CPI); Consumer Sentiment Index (UoM)

For your personal mortgage rate quote for your home located anywhere in Washington state, please contact me.  

You can also follow me on Twitter or Facebook where I provide live rate quotes and mortgage tid-bits throughout the day.

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What may move mortgage rates the week of August 13, 2012

As I prepare this post (7:15 am) mortgage rates are much the same as what I was quoting on Friday: VERY LOW!  You can check out what mortgage rates I’m quoting for my Washington clients by following me on Twitter @mortgageporter.

The following are economic indicators scheduled to be released this week which may impact mortgage interest rates.

  • Tuesday, August 14: Retail Sales and Producer Price Index (PPI)
  • Wednesday, August 15: Consumer Price Index (CPI) and Empire State Index
  • Thursday, August 16: Initial Jobless Claims, Housing Starts, Building Permits and Philadelphia Fed Index
  • Friday, August 17: Consumer Sentiment Index

Remember, mortgage rates are based on mortgage backed securities (bonds). When the stock market is doing well, investors will trade the safety of bonds for the risk of a higher return with stocks, which causes mortgage rates to trend higher. Watch for signs of inflation with the economic data scheduled to be released this week as that may also impact mortgage rates for the worse. Unplanned events, such as what’s going on in the Euro-zone may also impact mortgage rates.

If you would like me to provide you a mortgage rate quote for your home located anywhere in Washington state, please click here.