Mortgage interest rates had the best rates of this year so far. A lot of movement came from investors who fled the stock market into the bond markets when President Obama announced his proposed tax against the banks. The census is the investors don’t like it as well as they don’t feel that President Obama understands and/or can fix the financial markets.
This coming week will be one of possible great volatility with the Tuesday and Friday most likely being the most volatile.
A run of economic reports coming out include Existing Home Sales, Consumer Confidence Index, a new round of Treasury auctions, New Homes Sales, FOMC minutes, GDP, Unemployment Cost Index are just a few of them.
The most important ones are the Consumer Confidence Index and the GDP.
The Consumer Confidence Index indicates whether us consumers are willing to spend money on big ticket items in the near future. Remember consumer spending accounts for two-thirds of our economy. If the index comes in lower than 53.5%, it will be good for the bond market. This report comes out on Tuesday.
On Friday early morning, GDP will be report. It indicates how well are economy is growing overall over the last quarter (4th of 2009). A low reading would be good for the bond market.
You can read about this and more in this week’s MMG Week in Review as well as New Lending Policies Announced by FHA. This is very important for the First Time HomeBuyer who wants to use this type of low down payment program. This new changes will come into effect April 5, 2010.
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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