Last week saw mortgage rates hold steady near all time historical lows. The market was and will continue to watch Greece as it continues on a path towards bringing a debt default resolution to bare.
Last week there were some hiccups as a resolution looked questionable towards the end of the week. Moving forward this week, mortgage rates will do better if there are more issues and are likely to rise a bit should an airtight resolution in Greece be reached.
Mortgage Robo Form Lawsuit Settled
Last week also saw a conclusion to the “Robo Signing” debacle when a settlement was reached for $26 billion dollars over foreclosure abuses. This settlement had little to no effect on mortgage rates. The banks involved were Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally Financial.
Mortgage Rates: The Week Ahead
This week will see some significant data being released that has the potential to change mortgage rates. Data to watch includes Retails Sales, Consumer Price Index (CPI), FOMC Minutes and the Producer Price Index (PPI).
Since mortgage rates are building support (less likely to move down with support) at their current historical low levels, any breakaway or positive numbers relating to data about the health of the US Economy can move mortgage rates up. More importantly, good data that indicates health in the Economy will likely push mortgage rates up, while negative data will help keep mortgage rates at their current low levels.
Economic Calendar for Week of February 13, 2012
- Monday – none
- Tuesday – Import & Export Prices, Business Inventories
- Wednesday – *FOMC Minutes, Treasury International Capital, INdustrial Production, Housing Market Index
- Thursday – Housing Starts, Jobless Claims, Producer Price Index, Philadelphia Fed Survey
- Friday – Consumer Price Index
What Mortgage Rate Can I Qualify For?
To get a FREE mortgage rate quote, simply use the fast rate quote box on the upper left hand side of the page. We can also help you understand what mortgage programs are available and which programs make the most sense for your needs. Purchasing a new home? We can help pre-qualify you so that you know how much you can spend and what type of mortgage payment you will be looking at for the price range of home you’re wanting to buy.