Traders Want To Know How Banks are Doing

This week, rates should be moving somewhere with traders watching 3 things.

The first is these is Earnings Season reports.

Big Banks JP Morgan Chase, Bank of America and Citigroup are reporting quarterly earnings this week.  If balance sheets look healthy and markets are encouraged by the results, it could spark a stock market surge, similar to last quarter.  This would spell out bad news for mortgage rates this week.

How’s The American Consumer Doing?

The second item the markets will be watching is economic data.  In addition to inflation-related data like the Consumer Price Index, markets are watching for Tuesday’s Retail Sales report.

Retail sales are a big economic indicator because consumer spending accounts for two-thirds of the American economy.  If the data is weak, mortgage rates should benefit.

What Does The Fed Think?

Lastly, markets are looking forward to the Wednesday release of last month’s Federal Open Market Committee meeting minutes.

The minutes will give a behind-the-scenes look at the conversations and debates around the Fed’s decision to hold the Fed Funds Rate near 0.000 percent and not purchase additional treasury securities.

Some Friendly Advice

Mortgage rates remain extremely volatile.  Therefore, if you’re actively shopping for a mortgage rate, consider that mortgage rates have been falling for the past 3 consecutive weeks and may be due for a reversal.  All it would take for that to happen is for this week’s economic data to show just a little bit of strength.  If you’re within 30 days of closing, consider locking in.

We could expect traders to pile back into stocks and mortgage rates to suffer.

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.