What Happened to Rates Last Week:
Mortgage backed securities (MBS) gained +90BPS last week which pushed 30 year fixed rates downward. We had a very volatile week where we saw rates increase as well as decrease. Most of our gains occurred on Friday on the weaker than expected Consumer Price Index (CPI) data. CPI is a measure of inflation and mortgage rates react very closely to inflationary news. However, the longer term trend is still pointing towards higher mortgage rates as the very closely watched 100 day moving moving average continues its march towards higher pricing.
What to Watch Out For This Week:
The following are the major economic reports that will hit the market this week. They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages. I will be watching these reports closely for you and let you know if there are any big surprises:
Date | ET | Release | For |
18-Apr | 10:00 | NAHB Housing Market Index | Apr |
19-Apr | 8:30 | Housing Starts | Mar |
19-Apr | 8:30 | Building Permits | Mar |
20-Apr | 7:00 | MBA Mortgage Purchase Index | 15-Apr |
20-Apr | 10:00 | Existing Home Sales | Mar |
20-Apr | 10:30 | Crude Inventories | 16-Apr |
21-Apr | 8:30 | Initial Claims | 16-Apr |
21-Apr | 8:30 | Continuing Claims | 16-Apr |
21-Apr | 10:00 | Philadelphia Fed | Apr |
21-Apr | 10:00 | Leading Indicators | Mar |
21-Apr | 10:00 | FHFA Housing Price Index | Feb |
It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets. Just leave it to me, I monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon. By Brian Woolley, Prospect MTG
Darlene Alonzo
Realtor@
Keller Williams VIP Properties
License # 01791044
661-713-4341
www.DarleneAlonzo.com
Darlene@DarleneAlonzo.com
# posted by
Darlene Alonzo @ 3:43 PM
