Ask Shop Rate: George, ND

Posted by  on Apr 16, 2009
Do you think the interest rates will go down soon, in the next week or so ? George, if I knew that answer I would not be working any longer but on an island enjoying spending all of my millions. There is no honest way of knowing the answer to this.

This week there are six economic reports that will effect the mortgage market as a whole, but only one of them is considered to be of high importance. But with data being posted all but one day of the week, we may see some fluctuations from day to day in mortgage pricing.

Friday brings us the release of two of the week’s most important reports. The first will come from the Commerce Department when they will post June’s Durable Goods Orders. Also being released is the final revision to July’s University of Michigan Index of Consumer Sentiment. Unless we see a drastic revision to the preliminary estimate, I think the markets will probably shrug this news off.

Overall, this is a moderately significant week for the bond market and mortgage rates. If we get weaker than expected economic results, we may see mortgage rates move lower for the week. However, stronger than expected results will likely lead to higher rates for the week. We also have a 5-year Treasury Note auction Thursday that may influence bond trading but will also give us an indication of investor appetite for bonds. Generally speaking, despite the lack of a data-packed calendar, I would still maintain constant contact with your mortgage professional.


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