The Week in Review:
Home mortgage interest rates moved through most of the week at multiple year highs. However, rates came down just a bit on Friday. On the week, mortgage rates moved marginally lower.
What to Expect:
The direction of mortgage interest rates over the next few weeks will be determined by economic data. The minutes of July’s Fed meeting released last week reiterated that the decision to taper its Bond Purchase Program will be data dependent. Each economic report will cause traders to speculate on when the Fed begins tapering.
With that said, we have a large number of economic reports being released this week. To mention a few reports: Consumer confidence, GDP, Jobless Claims, Spending and Inflation Indices. It’s a packed week. The recommendation is to lock-in rates and avoid what could be significant market fluctuations.
For transactions closing in:
Next 15 Days: Lock
Next 30+ Days: Lock
Courtesy of:
Bob Bregitzer
Southeast Mortgage
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