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Preparing for a Holiday Week

This week, traders will be coming back to work.

The data with the largest potential impact on mortgage rates this week is directly related to the housing market.  There will be 3 separate, but important reports.  Each report is expected to show that housing is still weak, but not as weak as it was.

As a reminder, the reports are:

• Tuesday: Case-Shiller Price Index
• Wednesday: Existing Home Sales
• Thursday: New Home Sales

Remember, Real Estate Is Local!

Because real estate is local in nature and these reports are broadly national, it’s important to not read into them too much.  They’re good for an overview but shouldn’t be used as the basis for an offering price.

Consumer Confidence Is On The Trader’s Minds

In addition to real estate data, there will be two consumer confidence surveys released.  One on Tuesday and one on Friday.

Consumer surveys can be extremely important in a recovering economy because as confidence rises, spending often does too. It’s also important to recognize that consumer spending represents two-thirds of the U.S. economic engine.  If confidence is rising, expect the stock market to benefit and the mortgage bond market to suffer.

Suffering mortgage bond markets means higher mortgage rates.

It’s pretty unlikely that mortgage markets will display the same volatility this week as compared to last week, but that doesn’t mean that mortgage rates won’t change.  With so much data crossing the wires in the next 4 days, it’s likely that Friday’s rates will be very different from today’s.

Advice on Locking

If you’ve found a rate and payment with which you can be comfortable, consider locking it in.  It’s unlikely to last long.

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