The Week in Review:
Home loan interest rates moved lower last week after receiving several lackluster economic reports. Rates decreased about .125% on the week.
What to Expect:
This week could be significant to the future direction of mortgage interest rates.
It’s all about the Fed. The Federal Open Market Committee (FOMC) meeting begins today with the Fed announcement coming at 12:30 Wednesday. This is one clue tomorrow is a big day… The Fed announcement normally happens at 2:00. However, tomorrow the announcement is at 12:30 with a scheduled Q&A session afterwards. Hmmmm…
How will the market react? The consensus is the Fed will announce a $10 billion reduction from the current level of QE purchases of $85 billion monthly. If the announcement is for $10B or less, mortgage rates could come down. If the announcement is for more than $10B, expect rates to move upward in a hurry.
Any contracts accepted over the weekend or beginning of the week should be locked in.
For transactions closing in:
Next 30 Days: Lock
Next 30+ Days: Lock
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