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Mortgage Wrap Up for Week Ending June 8, 2012

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Mortgage Wrap Up for 6-8-12

The first few days of the week saw mortgage rate rising slightly on rumors of pending stimulus actions by US and European governments. The course has reversed over the past few days as mortgage rates have moved back to their best levels of the week. In fact, Freddie Mac announced yesterday that yet again, mortgage rates have hit new all time historic lows.

Not much data was released today, so most mortgage movement was calm for the most part.

According to Freddie Mac:

Our Primary Mortgage Market Survey is showing average fixed mortgage rates falling to new all-time record lows for the sixth consecutive week amid weak economic and job data helping to keep homebuyer affordability high.

Mortgage Rates and the Week Ahead

Next week will see a fair amount of economic data being released that has the potential to move mortgage rates including the Producer Price Index, Retail Sales, the Consumer Price Index, Jobless Claims, Industrial Production and Consumer Sentiment.

As always, Europe will continue to be watched by Wall Street. Specifically actions by Spain which hint that they will be supporting a bank bailout of sorts and any other news regarding the health of the Eurozone.

Market watchers will also continue speculation about the likelihood of a third round of stimulus by the FOMC or QE3. While many were leaning against the likelihood of such action, recent employment data and other disappointing economic reports have increased the chances of such stimulus coming to fruition.

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