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.

 

Mortgage rates are still trending up, as last weeks wage inflation numbers was not pretty. This week we also have more wage inflation in the Consumer Price Index or CPI, which will really dictate rates. This will be the most looked at report this week. We also have the US selling debt in the form of Treasury auctions that will play a roll in rates as well. Anticipating rates worsening this week.
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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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We started last week with a nice improvement with Rates, then things cooled off in Turkey and we gave most of the improvement back, managed to squeak out a slight rate improvement. Over the weekend Turkey's bonds got cut to Junk status, thus putting EU banks in a little trouble. Money is moving from EU to the US and will keep our rates improving. Trump Tweets off the table, rates are all about Turkey now, and watch out for news from Italy...again, which might improve our rates also.

In this Blog:
* Turkey & Mortgage Rates
* Bad Loan Approval Letters
* Recasting a Loan
* Appraisal Waivers

Turkey causing mortgage rates in Idaho to sink?

Mortgage rates are trending lower as traders are still trying to digest Friday's Job Numbers.  Was it low because business are not hiring or was it low because there are no workers.  I am of opinion of the latter, the US is at full employment, and thus wages are going to have to increase, thus inflation, and inflation is bad for Rates.  Today, we have Trump Tweeting about various items which is causing rates to decrease.  I am pretty cautious this week, as rates are in a position to break out and increase, but watch out on Trade Tweets.  Special note, we do get CPI or Consumer Price Index, which is gauge on inflation, all eyes will be focused on this report this week.

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Mortgage rates are set to increase:

• ADP Private Payroll
• US BLS unemployment rate
• PCE rates

In this Blog:

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