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At Legacy Mortgage we are constantly seeking ways to enhance our dedication to our clients and real estate partners. Our postition as an innovator in the field of real estate finance allows us to help you make informed decisions regarding your customers mortgage financing. We have scoured through the financial reports for the week and we wanted to share the information with you. Please let us know if we can be of further assistance to you and your valued clients.
This week is moderately busy with four economic reports scheduled to be released. Only one of the four is considered to be of high importance to the markets and mortgage rates. The remaining three are of interest to the markets but likely will not cause a large change in mortgage rates unless they vary greatly from forecasts.
The first report of the week is also the most important. May's Producer Price Index (PPI) will be posted early Tuesday morning. It helps us measure inflationary pressures at the producer level of the economy and is the sister report to last week's Consumer Price Index (CPI). There are two readings of this index, the overall and the core data. The core data is considered to be the more important of the two because it excludes more volatile food and energy prices. A large increase could add fuel to the theory that inflat ion is a real threat to the economy because the higher prices will likely be passed on to the consumer in the near future. This would not be good news for bond prices or mortgage rates since inflation erodes the value of a bond's future fixed interest payments. Rising inflation causes investors to sell bonds, driving prices lower and mortgage rates higher. Analysts are expecting to see an increase of 1.0% in the overall index and a 0.2% rise in the core data.
The second of three reports being posted Tuesday is May's Housing Starts report. This report gives us a measurement of housing sector strength, but is the week's least important. It usually doesn't have a major impact on the bond market or mortgage rates and we see no reason for this month's results to be any different. Analysts are expecting to see a drop in starts of new homes between April and May.
The third and final piece of data scheduled for Tuesday is May's Industrial Production. This report will be released at 9:15 AM ET. It measures output at U.S. factories, mines and utilities, giving us an important measurement of manufacturing sector strength. If it reveals that production is rising, concerns of manufacturing strength may come into play in the bond market. A decline would indicate that the manufacturing sector is weaker than expected and should help push mortgage rates lower. Current forecasts are calling for an increase of 0.1%.
May's Leading Economic Indicators (LEI) will be posted late Thursday morning. The Conference Board, who is a New York-based business research group, will post this data. It attempts to predict economic activity over the next three to six months. If it shows rapidly rising levels of activity, bond prices will probably drop, pushing mortgage rates higher Thursday morning. But, a weaker than expected reading could lead to lower mortgage pricing. It is expected to show no change from April to May.
Overall, look for Tuesday to be the big day of the week. Not just because it brings the release of three of four reports, but because it brings us the PPI that is considered to be a key inflation reading. We are expecting to see the least amount of movement in rates tomorrow and Friday, unless the major stock indexes stage a considerable sell off or rally. However, we are still not sure that we have seen the end of the recent bond selling. Therefore, keep in constant contact with your mortgage professional through out the week.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.