What’s Ahead For Mortgage Rates This Week – July 15, 2013

Jul 15, 2013

Mortgage rates improved last week.  The Fed’s release of the minutes for the June FOMC meeting was the most noteworthy economic event last week; the minutes repeated the Fed’s recent statement concerning the wind-down of its current monetary easing policy.  The minutes indicated that about half of meeting participants wanted to end the quantitative easing (QE) policy by year end, while “many others” preferred to end the program in 2014.  This split suggests that days are numbered for the Fed’s monthly purchases of bonds.

It remains unknown whether the bond market will continue to build on last weeks improvements or take a turn for the worse this week.  Financial markets and interest rates are expected to remain volatile throughout this busy week.  Fed Chairman Bernake is scheduled to deliver the semi-annual Humphrey-Hawkins report on monetary policy on Wednesday and Thursday:

 

Time (ET)

Statistic

For

Actual

Market Expects

Prior

08:30:00 AM

Retail Sales

Jun

0.40%

0.70%

0.50%

08:30:00 AM

Retail Sales ex-auto

Jun

0.00%

0.40%

0.30%

08:30:00 AM

CPI

Jun

0.30%

0.10%

08:30:00 AM

Core CPI

Jun

0.20%

0.20%

09:15:00 AM

Industrial Production

Jun

0.30%

0.00%

09:15:00 AM

Capacity Utilization

Jun

77.70%

77.60%

08:30:00 AM

Housing Starts

Jun

958K

914K

08:30:00 AM

Building Permits

Jun

1000K

974K

02:00:00 PM

Fed’s Beige Book

Jul

NA

NA

08:30:00 AM

Initial Claims

07/13/13

348K

360K

10:00:00 AM

Philadelphia Fed

Jul

5.3

12.5

10:00:00 AM

Leading Indicators

Jun

0.30%

0.10%

01:15:00 PM

10-year Treasury TIPS Auction

 

In this volatile rate environment  be careful when making rate decisions and to lock if the numbers make sense as mortgage rates are still at historic lows.

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