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