Last Week's Mortgage Rates Recap
 
Last week saw mortgage rates lose significant ground, with rates going up by as much as .5% over the course of the week. It was easy to get caught off guard because most of the increase came from a huge selloff in the MBS (Mortgage Backed Securities) market on Friday due to the employment numbers released. With last week's major jump in rates, we've now seen rate quotes go from the 3's in May to the 5's in July.


This Week's Mortgage Rates Forecast

Mortgage Rates Currently Trending: HIGHER
This week doesn't show any signs of improvement for mortgage rates. In fact, both the technical indicators and the fundamentals point to continued mortgage interest rate increases. There is more market moving economic news planned for this week, and the ones to look out for most would be Wednesday's FOMC minutes being released as well as Thursday's 30yr bond auction.

BOTTOM LINE: Take advantage of any positive days to make up lost ground on rates, but don't hold off thinking that lower rates are on the horizon (they are not). Be sure to watch the live MBS (Mortgage Backed Securities) market with your Mortgage Loan Originator to stay a step ahead of lender reprices and to cash in on market gains that help mortgage rates.

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