Last week, the Fed had one of their largest purchases of Mortgage Backed Securities (MBS) compared to other recent weeks. Out of the $1.25 Trillion they were given to purchase MBS, they now only have $113 Billion left. As this winds down, mortgage interest rates will most likely start climbing back to normal levels.
Also last week, we had some encouraging news from the manufacturing side. The Empire State Index that measures manufacturing sectors in the New York state came in higher than expected. But on the other hand, Core Consumer Price Index came in lower than expected.
This week all the economic reports will be reported on Wednesday and Thursday.
First will be the Producer Price Index, which measure the wholesale side of inflation, and two housing reports, Building Permits and Housing Starts.
On Thursday, we’ll get the Initial Jobless Claims and the Philadelphia Index, another manufacturing report.
You can read more about all these reports and how they affect the market in this week’s MMG Week in Review as well as how you can contribute to the Haiti relief effort.
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
206-331-2749
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