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What’s Ahead For Mortgage Rates This Week : November 29, 2010

November 29th, 2010 by Michael Metz

Unemployment Rate 2007-2010In a holiday-shortened week on Wall Street, mort­gage mar­kets improved on 3 of 4 days, but still posted its fourth con­sec­u­tive los­ing week.

Unfor­tu­nately for rate shop­pers and home buy­ers , last week’s 3 days of gains were mild improve­ments; the one day of dete­ri­o­ra­tion was among the Top 10 worst days for mort­gage bonds this year.

Mort­gage rates are at their high­est lev­els since mid-July. The Refi Boom is unwind­ing quickly.

Last week under­scores the impor­tance of the global com­mu­nity to the future of the U.S. mort­gage mar­ket. Two of the main rea­sons why mort­gage rates increased were non-domestic.

  1. Con­cerns for a full-blown North Korea/South Korea con­flict less­ened quickly
  2. The like­li­hood of a speedy, $85 bil­lion bailout Ire­land increased

The two events stemmed the typ­i­cal safe-haven buy­ing pat­terns that accom­pany geo-political and eco­nomic uncer­tainty, and drive down mort­gage rates.

This week, mort­gage rates may rise again.

First, Ireland’s bailout pack­age was signed Sun­day morn­ing and that relieves some pres­sure on the Euro­pean Union.  Sec­ond, this week’s eco­nomic releases should show that the U.S. econ­omy is still expand­ing, and that U.S. con­sumers are still spend­ing — both are tied to higher rates.

A sam­pling of the week’s releases include:

  • Tues­day : Case-Shiller Index; Con­sumer Con­fi­dence surveys
  • Thurs­day : Ini­tial and Con­tin­u­ing Job­less Claims; Pend­ing Home Sales
  • Fri­day : Non-Farm Pay­rolls; Unem­ploy­ment Rate

If you haven’t locked a mort­gage rate and are wait­ing for “the bot­tom”, remem­ber that the mort­gage mar­ket waits for no one. Rates are much higher since the start of Novem­ber and look ready to rise even higher.  Call your loan offi­cer and get your appli­ca­tion in process this week.

The longer you wait, the higher that rates could go.

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