We saw rates come down slightly last week, leaving the door open to lock in a good rate this week. Much remains to be seen however, as this week brings us several relevant market reports as well as the start of the earnings announcements. We will likely see swings back up in rates. If you haven't done so, get you rate locked in now.
This week brings us the release of six relevant economic reports for the bond market to digest. We are also heading into corporate earnings season which could lead to fluctuations in the stock markets. If earnings come in lighter than estimates, the stock markets may fall, leading to an influx of funds into bonds. But, if earnings and forecasts are strong, the major stock indexes may rally, pulling funds from bonds and leading to higher mortgage rates. Some of the most influential companies don't report quarterly earnings for a few more weeks, but the early releases could affect optimism about what those big named companies' earnings will show.
Overall, look for the most movement in rates early in the week. The Retail Sales, PPI and CPI reports are the biggest names on the agenda. Any of the three can cause significant movement in the markets and mortgage rates, so please proceed cautiously if still floating an interest rate.
- If you have an adjustable rate or need to get cash out of your home, don't wait for rates to go up even more.
- If you have found the right home to buy, secure your financing today.
Visit me online so you can search current mortgage rates. And, as always, you can call me at (508) 471-4144 with any questions about mortgage rates and to discuss your best loan options.
East Bridgewater, MA 02333
Lew Corcoran, ASP®, IAHSP, IAHSP-CB