Mortgage interest rates had a fairly bumpy week even though we weren’t too many economic reports released. But economist as well as some Fed members voiced their concern over the not here yet inflation last week. Will the Fed have the will to raise short term interest rates to subdue inflation due to our raising debt and ever increasing printing of money? Will they be able to withstand the critisism of Congress and political pressure if they do have to raise the rates? And will they be able to do that even though the housing market hasn’t shown real signs of a robust recovery?
And with the FOMC meeting this week, economists will be dissecting every word of their prepared statement on this Tuesday at around 2pm EST.
This week is heavy in economic reports. The manufacturing sector will start on Monday with three reports being released. Tuesday brings the FOMC prepared statement as well as Building Permits and Housing Starts. Producer Price Index and Core Producer Index will be released. And Thursday brings us the Core Consumer Price Index as well as Initial Jobless Claims.
The FOMC and Core Consumer Price Index can have a major impact on the mortgage interest rates depending on what these reports tell us.
You can read in detail about these reports as well as view a short video on “5 Ways to Get Out of Debt Faster” in this week’s MMG Week in Review.
You can also check out the Daily Rate Lock Advisory each day. This report normally comes out around 10am.
And as always, I 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
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