Mortgage Rates and Things to Watch This Week…

DAMN!! -- I THINK WE'RE F*%KED
Image by SS&SS via Flickr

Last Two Weeks…

Wow, a lot of confusing movement in the market last week.  Not only is it clearly due to the Government pulling out of diversified investments and bulking into Mortgage Backed Securities with intentions to drive rates down and create spendable consumer dollars, but day-to-day investor emotions played a MAJOR affect as well!  Expect the market to clear the fog and properly reflect data reports & market trends closely to the T.  This is what we need, true reflection in the market to what is happening in the streets.

European markets indicated that they will NOT meet what is needed to avoid a credit rating downgrade, this will highly affect our market as we are a globally invested world not to mention the US imports just about everything.

What will play a role this week…

  • Today, the ISM Index is delivered to indicate manufacturing reports, one of the most closely watched reports for investors.
  • On Wednesday we will get a labor market reading with the release of the ADP Employment Report.
  • Weekly Jobless Claims on Thursday will likely worsen, as seasonal factors made things look better than they actually were last week with the reported dip below 400,000.
  • This Friday, Jobs Report microscoping details on hourly earnings, average work week, unemployment rates, non-farm payrolls… will indicate consumer confidence (to keep it simple; how much disposable cash they will have to waste).

If you are not watching the market and pulling the trigger on multiple locks at a minimal times (between 2 – 20+) you are letting clients waste interest dollars over the life of their loan.

For more advice on how to watch mortgage rates and execute rate locks at a prime dip in the market please let me know, I have additional tools.  Many of these tools also help indicate where to invest your personal dollars.

Anthony Marinaccio

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