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Weekly Mortgage Wrap Up For October 28, 2011

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End of Week UpdateYesterday, mortgage rates rose on news of a solution to the debt issues affecting the Eurozone. Also affected were the Stock and Bond Markets with the Dow surging 339 points.

Today, data was released for September’s Personal Income and Outlays report, Employment Cost Index (ECI) and University of Michigan’s Index of Consumer Sentiment for October.

The Personal Income and Outlays disappointed (this is good for mortgage rates) with a 0.1% rise in income and a 0.6% increase in spending. This means that consumers had less money available to spend than previously thought.

The 3rd Quarter Employment Cost Index (ECI) showed an increase of 0.3%, much smaller than expected, which means that employers’ costs for wages and benefits are not rising as quickly as expected (this is generally not good for mortgage rates).

Finally, the University of Michigan’s Index of Consumer Sentiment for October announced a revised reading of 60.9 that was above the 58.0 that was expected. This is positive news for the economy, but does not help in keeping mortgage rates at their current low levels.

What Economic Date Might Affect Mortgage Rates Next Week?

Next week the market will be watching the release of data for Chicago PMI on Monday; ISM Manufacturing Index and Construction Spending on Tuesday; ADP Employment report and Chairman speech on Wednesday; Jobless Claims on Thursday and Employment Situation data on Friday.

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