Mortgage Rates Trends 9/3/2013

Last Week's Mortgage Rate Recap

Once again we saw another week where rates ended basically unchanged for the week, hugging tightly to the technical resistance point.  We did see a jump on Tuesday as news from Syria had traders move to bonds, but the gains were extremely short lived as Wednesday we saw all gains lost as part of a sell off that drove us right back to that same resistance level.  Even though we see consistency to where we begin and end each day, we are seeing lots of intraday volatility.

 

This Week's Mortgage Rate Forecast
Mortgage Rates Currently Trending: NEUTRAL  

This week mortgage rates will see action based on a large number of economic data releases, as news about Syria and the President seeking support from Congress has cooled off trader reactions.  The next couple of weeks may very well prove to be the calm before the storm as traders wait to see what the September 18th FOMC meeting brings.  Even still, we should expect each day to bring it's own voliatility as speculation continues on Fed tapering.BOTTOM LINE: We appear to be in a neutral spot for interest rate movement, but you can see swings from day to day in pricing rebate or interest rate of about .125% depending on news and economic releases for that day.  Volatility looks to be the continued pattern, making real time data extremely important.  Depending on your scenario, it may be prudent to lock your loan and move on.  The best way to know for sure is to talk to the Mortgage Professional who shared this information with you.

 

 

 

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