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Mortgage Outlook for the Week of July 30, 2012

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Mortgage Updates 7-30-12Last week saw mortgage rates maintain near historic lows through Wednesday. Thursday and Friday were quite a different story when mortgage rates moved upward and dramatically rose on Friday afternoon on renewed European vows to overcome their existing debt issues while preserving the European Union.

Mortgage rates have been under considerable downward pressure for months due to concerns about the health of the European Union and ability preserve the Union moving forward.

Mortgage Rates Moving Forward

Today saw mortgage rates take back some of the ground that was lost on Thursday and Friday. Since mortgage rates can change many times per day, please use the fast quote form above or call us directly for an up to the minute quote.

This week may prove to be volatile as market watchers begin speculating if the FOMC (Federal Open Market Committee or FED) will announce further stimulus when they meet later in the week. Market watchers are split on whether the FOMC will announce further stimulus now or if they are going to need further evidence it is necessary, making such an announcement occur at a future meeting.

Expect volatility throughout the week and if today is an indicator of things to come, it is not outside the realm of possibility that mortgage rates may reclaim some of the ground they lost on Thursday and Friday. Choosing not to lock your rate may be quite risky this week, please contact us to discuss the pros and cons of locking now if you are unsure about whether locking makes sense for you now.

Economic Calendar for Week Beginning July 30, 2012

  • Monday – Dallas Fed MFG Survey
  • Tuesday – Personal Income & Outlays, Employment Cost Index, Consumer Confidence
  • Wednesday – ADP Employment Report
  • Thursday – Jobless Claims
  • Friday – Employment Situation

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