This week brings us 7 economic reports that could affect the mortgage interest rates.
Though we will start the week out on Monday with New Home Sales which is expected is be up a bit which shouldn’t affect mortgage interest rates since the report only tracks about 15% of the new home sales. But if it is up more, it could affect interest rates.
Tuesday will start the bigger news in Consumer Confidence Index. This report tells us whether consumers, us, are confident about their own financial situation which translates to will we spend money on big ticket items. This report is important to the economy as consumer spending which has been tight over the last two years makes up two-thirds of our economy. In other words, if we don’t spend, the economy isn’t going to grow and we won’t pull out of the recession fully. Quite a catch-22.
Wednesday, we have Durable Goods which gives us an indication of manufacturing strength. The traders expect an upward tick in this report from May to June.
Thursday, we have the all important Initial Jobless Claims. Jobless Claims keep going up instead of down. And with the new extension on unemployment benefits, the outlook still isn’t looking as rosy as we would all like it to be.
And then Friday, we have Gross Domestic Products (GDP) and Consumer Sentiment Index. GDP will reflect 2nd Quarter and is the sum of what we have produced for both service and products. It indicates our economic activity and whether we had good growth during that time. This report can move the market one way or the other. Consumer Sentiment Index will reveal our optimism on our own financial situation.
Besides these reports, the US Treasury Department will be auctioning off $104 Billion in 2-year notes, 5-year notes and 7-years notes Tuesday, Wednesday and Thursday, respectively. Depending on how well these auctions do, it can affect mortgage interest rates.
You can read about all of this in this week’s MMG Weekly as well as an article from Kiplinger on “10 Things We Overpay For:You Can Save Big by Buying Cheap Alternatives Instead“.
As always, I’ll be following these and more so that I am up on the news that affects mortgage interest rates.
You can also check out the Daily Rate Lock Advisory each day. This report normally comes out around 10am.
I also will report daily on twitter @mmtgsolutions on the mortgage interest rates and what to expect for the day. If one of these reports moves the market in a significant manner, I’ll write about it here.
Please remember, I welcome your comments to this and my other posts.
To an inspiring week,
Betsy Moore
206-331-2749
Twitter Updates
26 July 2010 at 10:14 pm
Hi,
I was surfing net for some finance articles when I got your site and found that it has many and good mortgage articles.
I am impressed with your site and want to post a mortgage article in your site. In return you can also send me your article to post in my site as I have same theme.
Please reply me as soon as possible with your sites if you are interested.
Best Regards,
John Martinez
Webmaster
[john.martinez1303(at)gmail.com ]
N.B: — This message contains personal, privileged, and confidential information and is intended only for the individual named. If you are not the named addressee,you are NOTIFIED not to disseminate, distribute,re-transmit, copy, or utilize this e-mail, and contents herein. Please notify the sender immediately by return email if you have received this e-mail by mistake. You are FURTHER NOTIFIED to delete this e-mail and any attachments, as well as any copies made thereof, from your computer system(s). The sender does not accept liability for any errors or omissions in the contents of this message and unless explicitly stated otherwise, does not intend to give legal advice or enter in an attorney-client relationship.
28 July 2010 at 8:35 am
John, please send me a sample of an article you would like to post to betsy@mooremortgagesolutions.com. Let me review and we will go from there.
Thanks for reaching out.
Betsy