Expect Mortgage Rates to Stay the Same This Week November 1, 2010
Mortgage Rates in the central Florida area, all of Florida, and pretty much everywhere should stay about the same this week.
Remember, the pricing on the Fannie Mae 4.0% 30 Year fixed rate mortgage backed security and on the US 10 year Treasury Note fluctuate up and down all day, all the time. They are investment vehicles and go up and down as the investors think they will make or lose money.
Factors that will likely influence rates this week:
On Monday, the September personal income spending index will be released.
Tuesday, the Fed begins the first of a two day meeting
Wednesday brings September factory orders, the October instituted of supply management service sector index, and the Fed Open Market Committee meeting statement.
Thursday brings the Initial jobless claims for the week ending 10/30 and the third quarter Productivity and Unit Labor Costs report.
Finally, Friday releases the Nonfarm Payrolls Jobless Rate.
The obvious unknown here is the midterm election. What happens and investor and market sentiment will certainly influence rates.
The market is such a finicky mistress though. Even if rates get slammed upward, it could be temporary or it could be long term. If rates move lower, it could be temporary or it could be long term.
Get the picture?
I tell my customers and I'll tell you again, I am sure of 3 things: the rates could go up, rates could go down, or rates could stay the same.
And you can quote me on that :)
Remember, I the number one Lender in the state of Florida for FHA, VA, and USDA RD mortgage financing, and I can help you.