Mortgage rates held mostly steady last week as markets appeared to be taking a breather while waiting for next week's onslaught of economic data.
While some calm might be nice for the entire mortgage industry, we could see volatility return this week with the amount of economic data due. This week, we get insight into many segments of the economy. Retail Sales and Industrial Production numbers are due this week with expectations of very little change. If either number spikes higher, we could see mortgage rates moving higher. The best situation for mortgage rates would be to see sluggish results for both readings, with some good inflation news, as both the Consumer and Producer Price Indices are due. After last month's surprise flat CPI core number, another lower CPI reading would be cheered by the market, and we could see mortgage rates trending downward in increased expectations of additional Fed rate cuts. Any major government announcements regarding housing or mortgages programs could send rates either way.
Paul Cantor is a mortgage planner at TrustMor Mortgage Company in central Virginia. he may be reached at (804) 433-1510 or at www.PaulCantor.com .
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