The week in review:
Overall, home loan interest rates dropped a bit last week as we received a mixed bag of news and economic reports. A disappointing retail sales report and increasing unemployment helped pull rates lower. However, reports on inflation starting to creep back into the pictures kept the rate improvement to a minimum.
What to expect:
This week we have a number of economic reports as well as earnings announcements from some large companies, such as Lowes and Home Depot. Positive economic news causes money to flow into the stock market and away from the bond market making home loan rates to move higher. We are expecting some of the reports and announcements to be positive and therefore suggest locking in if you have a real estate transaction in place.
Breg-ometer:
Next 7 days: Slightly higher rates
Next 30 days: We still should be in the same range
Next 90 days: The more positive economic data, the higher the likelihood of higher rates
Courtesy of:
Bob Bregitzer