Mortgage Rate Analysis – Monday October 12th, 2009

Rates are Rising

Rates are slowing on the rise.

Today the bond market is closed in observance of Columbus Day, so there is not going to be a lot of activity on the mortgage rate front.  Several lenders have published rates sheets, and several loan officers are working today so don’t hesitate to contact your mortgage professional.

What we are seeing in the rates that have been posted so far today is that the lenders are taking a more conservative approach to the day and have slightly raise all rates across the board.  Check out the best mortgage interest rates for Washington State right here.

Last week we saw a slight spike in rates right at the end of the day on Friday due to the precipitous drop in prices of mortgage back securities.

  • This week we are expecting several economic reports that potentially have the ability to slow the rise down and maybe lets us hold steady for a while.  Wednesday we will get Retail Sales and the meeting minutes from the Sept 23rd Fed Meetings.  Those meeting minutes will get analyzed to see of any hint of the feds future actions might be hiding in them.   There are several other reports due this week that if they hit their expectations, the markets should respond favorably!

This would be a good week to keep a close eye on rates are they could be a bit volatile over the course of the next week.  If you see a rate you like you should really considering locking, and not floating on the hope that they will go down.

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