With the sell off last week in stocks, it was anticipated at rates would improve nicely, but when it all settled, we have just a slight improvement. This week is HUGE as we have the Federal Reserve on Wednesday and LOTS of data on Friday, right before a major holiday. Will the Fed Raise rates (which would be good for us) on Wednesday, or wait until January? This week is going to be rough.

 

Mortgage rates got a reprieve last week, but only because Italy can't get its act together, if it wasn't for that, rates would of worsened for the 5th week in a row. We are still at highest levels since September 2011. This week is a biggy, with wage inflation on everyone's mind. I suspect a tepid week, until Friday when we see unemployment numbers and wage inflation numbers.

 

As anticipated, rates went up last week, and economic data and geopolitics pointed to higher rates. This week has started out kind of scary, and we have a pretty good jump in the in the 10 Year Bond Yield, and Mortgage Back Securities, which both broke through some pretty good resistance levels. It looks like most traders sold bonds and stocks, thus going into cash with the worry about additional tariffs against China and Canada. This week will also have unemployment numbers. Not going to be a good week for rates.

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In this Blog:

• Mortgage Rates are stuck.
• Underwriting on Personal Items.
• Realtor myths debunked.

Mortgage rates were pretty much flat last week, as the holiday preventing trading and everyone was wondering the effect of the trade war. Also there were no economic Tweets from Trump as he focused on his Supreme Court decision. This week we will focus on Inflation at the Consumer Level. Rates are worse this morning and we anticipating them worsening as the work progresses.