If You’re Still Shopping, Now’s the Time to Lock

This week, the mortgage rate forecast is mostly volatility.  I’d put my money on them closing on a higher note.  There’s a bevy of data due for release, and market volume will be light with the long weekend looming.

Monday, the Personal Consumptions Expenditures Price Index comes out. More commonly known as “PCE”, the index is the Federal Reserve’s preferred inflation gauge. When inflation is running higher than expected, mortgage rates tend to rise.

Oddly enough, when inflation is running lower than expected, mortgage rates tend to fall as a result.

Tuesday, the Case-Shiller Index  released for April’s home prices, along with two consumer confidence reports.  As with PCE, strength tends to lead mortgage rates higher and weakness draws them lower.

Thursday, the National Association of REALTORS® releases its Pending Home Sales Index for May and the Department of Labor releases initial and continuing jobless claims number.

On Friday, the Bureau of Labor Statistics publishes June’s jobs report, including the Unemployment Rate.  This number is always a market-mover, but with the long vacation weekend looming, it’s expected that Friday’s volume will be pretty light on Wall Street, creating extra volatility.  See, if one firm that didn’t leave early makes a big move, you’ll feel it much harder than normally.

In other words, this week’s mortgage rate forecast for Iowa is that mortgage rates may be erratic.  So hold on for the ride!

If you’ve been shopping for mortgages, you’ve been rewarded with falling rates. However, will rates cutting new lows almost weekly and expected to reverse soon, it may be a good time to lock up your savings.  If you’re in that “spot”, feel free to give me a call or email me.  I’d be happy to help you!

Talk to your loan officer ASAP about locking in your rate.

You Can Stay Updated!

I’ll be following things as they happen with live mortgage bond quotes and do what I can to keep everyone informed with live updates through Twitter.

As a Consumer, How Do You Keep Posted on the News?

I’ll do my best to keep you posted throughout the week via Twitter. If you’re interested in finding out more about what effects mortgage rates and which direction they’re headed, feel free to follow me!

Work With Mortgage Professionals In The Advice Business

It’s important to recognize that advice is extremely valuable when looking for a mortgage. The right advice can literally save you thousands of dollars, while the wrong advice can cost you the same.  Some mortgage professionals really don’t know what mortgage rates are based on, period.  If you want to get the best deal, having a professional that can give you that type of advice is extremely important.

Why Am I Posting A Calendar?

I provide this weekly news update because too often when we’re shopping around, we ask the wrong questions. The first thing you’ve got to have your antenna up on is economic news if you want to have any idea what direction rates are moving.

So You Say, What Are Mortgage Rates Currently?

I get this question all too often. If I’m being fair.. and honest (which is my policy). I would be doing you a huge disservice to just quote a rate.

Truth be told, there are literally 27 different factors that go into a custom rate quote. There are also thousands of programs (constantly changing as well). It’s extremely important that you are educated on what is available and most importantly what is the best mortgage plan for you to personally implement.

It’s natural to have a list of questions. I’d love to help work through them with you and educate you on what you need to know about the mortgage process. I can help with everything from how to pre-qualified to what to do after closing (where I will continue working for you)!

It’s what we do, and it would be my honor to add you to our list of raving fan clients. If you’re currently looking for a mortgage loan or know someone that might have questions about one, please have them contact me. I’d be happy to assist them. It’s literally what I love doing! I promise to take great care.

Tagged as: Eurozone, Mortgage Rates, pce