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What May Move Mortgage Rates This Week!

Posted by Ivan Sanchez
Ivan Sanchez
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on Tuesday, 19 June 2012
in Gold Quest Group

What May Move Mortgage Rates the week of June 18, 2012

Here are a few of the scheduled economic indicators which may impact mortgage rates this week:

  • Tuesday, June 19: Housing Starts and Building Permits.
  • Wednesday, June 20: FOMC Meeting
  • Thursday, June 21: Initial Jobless Claims, Existing Home Sales and Fed Index

Remember, mortgage interest rates are based on mortgage backed securities (bonds) and when the stock market is rallying, rates tend to trend higher. The reverse is also true, as investors will seek the safety of bonds when stocks are tanking.

As Greece seems to be out of the hot water for now, the next event to watch for may be the results of the FOMC Meeting on Wednesday. All eyes and ears will be tuned in for whether or not there will be more stimulus with QE3.

Gold Quest Group post rate and mortgage updates on Twitter and our Facebook page

 

 

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Bad Jobs Report = Great Rates

Posted by Ivan Sanchez
Ivan Sanchez
Ivan Sanchez has not set their biography yet
User is currently offline
on Monday, 04 June 2012
in Gold Quest Group
 

The disappointing May jobs report released this morning means bad news for the economy and for investors, but not for mortgage rates.


The unemployment rate inched up to 8.2 percent and the economy added only 69,000 jobs in May, says the Labor Department. Economists had expected at least 150,000 new jobs.


It gets worse: revisions from previous months show the economy added 49,000 fewer jobs than what the department originally reported.


That's not the type of news investors expected to see during the month that marks the three-year anniversary of the supposed recovery. The recession ended in June 2009, according to the National Bureau of Economy Research.


The just released report has already taken a hit on the stock market, which fell sharply after the dire news.


But amid the avalanche of bad economic news, there's good news for mortgage borrowers.
Already low mortgage rates have tumbled this week and might fall further as investors remain concerned about the prolonged European debt crisis.


The yield on the 10-year Treasury had fallen to a record low of 1.55 percent. After the jobs report came out, the yield slid to 1.46 percent. Mortgage rates tend to follow the direction of treasury yields. Another indicator is the Freddie required net yield, which fell to 3.03 percent after reaching a low of 3.08 percent on Thursday.


Mortgage borrowers: this is your day. Enjoy the low rates while they last.

Article by: Polyana da Costa - June 2, 2012

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