Scott Kinne First Heritage Mortgage

Scott Kinne's Mortgage information Blog

  • About Scott
  • Testimonials
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Affordable Credit Repair
    • Interest Rates
    • Loan Programs
    • Loan Process
    • Loan Checklist
    • Mortgage Glossary
    • Mortgage FAQ
  • Main Website
  • Contact
  • Apply

What’s Ahead For Mortgage Rates This Week : July 13, 2009

July 13, 2009 by Scott Kinne

Mortgage rates may move based on Big Bank earnings reports this weekMortgage markets improved last week on fresh concerns about the U.S. economy.

With data showing neither overt strength nor weakness, and with earnings season about to start, traders got defensive with their money and parked it in bonds.

As a result, mortgage rates fell in mixed trading last week. It’s the third consecutive week in which rates fell.

This week, rates should be in flux with traders watching 3 things.

The first is the aforementioned Earnings Season reports.

Big Banks JP Morgan Chase, Bank of America and Citigroup report quarterly earnings this week. If balance sheets look healthy and markets are encouraged by the results, it could spark a stock market surge, similar to last quarter. This would be bad for mortgage rates.

The second item markets will be watching is economic data. In addition to inflation-related data like the Consumer Price Index, markets are watching for Tuesday’s Retail Sales report.

Retail sales are a key economic indicator because consumer spending accounts for two-thirds of the economy. If the data is weak, mortgage rates should benefit.

And, lastly, markets are awaiting the Wednesday release of last month’s Federal Open Market Committee meeting minutes.

The minutes will give a behind-the-scenes look at the conversation and debate surrounding the Fed’s decision to hold the Fed Funds Rate near 0.000 percent and not purchase additional treasury securities on the open market.

Mortgage rates remain volatile. Therefore, if you’re actively shopping for a mortgage rate, consider that mortgage rates have been falling for the past 3 weeks and may be due for a reversal. All it would take for that to happen is for this week’s economic data to show just a little bit of strength.

We could expect traders to pile back into stocks and mortgage rates to suffer.

Filed Under: Uncategorized

Scott Kinne

Contact Scott

Vice President, Senior Loan Officer
NMLS ID #182351
Office: 703.293.6146
Mobile: 571.237.6241
Fax: 571.317.2478
skinne@fhmtg.com

Licensed In Maryland, Virginia, Washington D.C., West Virginia
  LOAN APPLICATION
  FREE RATE QUOTE

Connect with Me!

Sign Up For My Free Newsletter

Categories

Recent Posts

  • What’s Ahead For Mortgage Rates This Week – January 30, 2023
  • Getting A Mortgage When Self-Employed: What You Need To Know
  • On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage
  • What Is A Loan Contingency: An Overview
Equal Housing Lender
nmlsconsumeraccess.org
First Heritage Mortgage, LLC, Company NMLS ID #86548

Our Location

3201 Jermantown Road
Suite 800
Fairfax, VA 22030
Business: 703-293-6146
Cellphone: 571-237-6241

Copyright © 2023 · Powered by MySMARTblog