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For the week ending April 4th, mortgage rates on the 30 and 15 year fixed rate mortgages saw a slight increase while adjustable rate mortgages dipped slightly. Let’s take a look at the economic data to be released that will have an impact on mortgage rates throughout the week.
Monday April 7th
US consumer credit for the month of February will be released and is expected to decline to $5.3 billion from $6.9 billion from January. Credit card borrowing has continued to grow rapidly which has off set the credit squeeze in other consumer credit products.
Tuesday April 8th
Pending home sales for the month of February will be released and for the first time in awhile is expected to show slight improvement from 85.9 in January to 86.3 in February. With January showing a slight decrease in sales and February expected to show a slight increase many economists believe that we may have, or are getting close to reviving the housing market.
Thursday April 10th
Weekly jobless claims for the week ending on April 5th are expected to come in around 386,000 while continuing claims for unemployment are expected to drop to 2.915 million for the week ending March 29th.
Friday April 11th
Import prices are expected to continue their increase 1.8 percent in March. The increase is largely reflected in the upturn of crude oil prices and the weakening US dollar.
The forecast indicates that mortgage rates will be on a rollercoaster throughout the week but shouldn’t increase or decrease dramatically. With import prices showing an increase at the end of the week, long term mortgage rates are likely to show a slight increase at weeks end.
Source: fxstreet.com