Last week’s employment report from Friday came in above expectations leading to another day of rising rates. Mortgage rates are now at 15 month highs. This increase in rates wasn’t much of a shock as the markets were prepared for the move higher.
This week on the economic calendar there are several reports due out, however; economists are more focused on next week’s FOMC Meeting/Announcement for more taper talk. The June 18th meeting is expected to bring some very volatile market moving news. Mortgage rates are predicted to hit their peak next week. Contact your 1st Advantage Mortgage Loan Officer for locking advice.
Some of the reports we will see this week includes jobless claims, retail sales, and consumer sentiment. Consumers were upbeat last month according to the Reuters/University of Michigan consumer sentiment index. Even with rising mortgage interest rates economists expect consumers to remain optimistic. In a recent survey done by Fannie Mae, more and more people believe it is a good time to sell and buy a home. This spark of confidence in the housing sector should help with the low levels of housing supply. More housing data will be released next week.
Senior Loan Officer
NMLS #191784 - 1st Advantage Mortgage NMLS #2551
1st Advantage Mortgage, a Draper and Kramer company