In back-and-forth trading last week, conforming mortgage rates bottomed out Wednesday before rising through Friday’s afternoon close. This week should be even more volatile.
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From the category archives:
Weekly Review
Mortgage markets were highly volatile, yet relatively unchanged last week in back-and-forth trading on Wall Street.
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A shift in Wall Street sentiment caused mortgage markets to worsen last week. Fears of a double-dip recession are easing.
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Mortgage rates worsened 3 days in a row last week for the first time since late-April.
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When Chairman Bernanke talks, markets listen. His comments about the U.S. economy helped fuel a late-Friday surge in mortgage rates last week.
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This week, it’s unlikely that the Refi Boom will meet its end, but that doesn’t mean you should wait for rates to fall further. Mortgage rates tend to change quickly and without notice, and should rates rise, you may find that you’ve missed the market bottom.
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The Refi Boom remains in full effect, but rates are not as dazzling as they were just one week ago.
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This week, there’s a lot of data and news due for release, the most influential to markets of which is the Federal Open Market Committee’s scheduled policy meeting.
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Non-Farm Payrolls hits the wires Friday at 8:30 AM ET. Markets are expecting a 75,000 net loss of jobs last month. If the actual number is higher, mortgage rates should rise. If the actual number is lower, mortgage rates should fall.
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Mortgage rates rose last week, but only slightly. Rate are still hovering near their lowest levels of all-time.
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