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Today is Friday the 13th, but the financial markets actually ended up for the week with respect to mortgages as rates continue to improve or hold to historic lows.
Since the Fed meeting on Wednesday of last week, mortgage rates have edged slightly lower for most of the week with minor bumps up periodically. The Fed indicated that monetary policy would remain on hold for quite a while. The Fed acknowledged that eventually rates would have to increase;however, their message was clear that it could take some time to do so.
Conforming fixed rates ended the day today at 4.50% with an APR of 4.678%.
Conforming Jumbo here in San Diego ended today at 4.75% with an APR of 4.851%.
Clearly the rates this week ended up better than they started earlier in the week. Bloomberg announced today that Consumer Sentiment dropped again in November as job losses were on the minds of workers and Wall Street traders. This helped to improve rates with multiple rate adjustments down today by several key lenders. To view the article, click on the link to Bloomberg below:
http://www.bloomberg.com/apps/news?pid=email_en&sid=ap_ThMQkTaJg
The Week Ahead
The most significant data next week will be the monthly inflation reports with the Producer Price Index due out on Tuesday, and the Consumer Price Index which clearly the most watched coming out on Wednesday. Retail Sales will be announced on Monday. Also notable, the Treasury will announce the size of the upcoming auction of Treasuries on Thursday.
Advice for next week is to watch closely. Recommendation for your clients is to tread cautiously, and lock if possible.Good luck, and have a great weekend.
Best Regards
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