- We feel that a hike in interest rates will most likely be put off until later in the year
Present Market Conditions
Not much movement in Mortgage Bonds ahead of an action packed week that includes a full economic calendar and the2-day FOMC (Fed) meeting. The 2-day FOMC meeting kicks off on
Tuesday with the monetary policy statement being delivered at 2:00pm ET on
We feel that a hike in interest rates will most likely be put off until later in the year
given the latest stream of tepid economic data and with inflation at low levels. There is nothing of relevance scheduled for release today that is expected to influence mortgage rates today,. There are no economic reports due for release, but the rest of the week's calendar is packed with a broad array of data that includes housing, manufacturing, GDP, inflation numbers along with consumer attitudes.
Tuesday and Wednesday get a look at both Consumer Confidence and GDP ( Growth Domestic Products), both of which will likely show growth which means this is very negative for Bond and Mortgage rates, and vice versa.On Friday ISM ( manufacturing measure) will be released, the market is looking for a Positive number again, which is negative for Bonds and Mortgage Rates too.
Overall, We believe we will see the most movement in mortgage rates either tomorrow and Wednesday and Thursday. However we need to keep a close eye on the stock markets for mortgage rate direction also.