More Than Economic News This Week

This week it will be quiet in the form of economic news.  The only big report is Thursday’s Retail Sales data.  Therefore, markets will look for other clues about the future of the U.S. economy.

Tuesday, Fed Chairman Ben Bernanke has a scheduled speech on financial reform. Then on Thursday, Congress takes up mark-to-market accounting rules.  It doesn’t seem like a sexy topic, but mark-to-market is the accounting rule that makes banks take losses on assets they’re still sitting on.

Some experts think mark-to-market accounting makes the financial system appear weaker than it is so this is why Congress is starting a debate.

If mark-to-market rules are loosened, it would likely spell good news for the stock market and bad news for mortgage rates.  Meaning, money would flow in the opposite direction as it did last week.  That’s bad news for rates but overall would be great news for banks.

For now, though, mortgage rates are low. If you’re currently floating a mortgage rate with your lender, consider locking in.  I am.  If there’s even a whisper that mark-to-market accounting rules will change near-term, mortgage rates should rise.

What to Watch This Week?

Since there’s always a lot going on, I like to pick out the two most likely ‘market moving’ reports each week.  If I had to pick a couple of reports to watch, they would likely be:

1. Bernanke Talks – Tuesday –  Anytime Bernanke is on TV, the markets tend to move.  This day should be no different.
2. Retail Sales – Thursday – Consumer spending is the fuel that keeps our economy going.  The question is, how much less is the American consumer spending?

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.

Here’s this week’s economic calendar:

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.

Original Photo Kudos

Tagged as: Economic News, Mortgage Rates, trends