Mortgage Market Update
Mortgage rates continued their decline for the week ending September 28, in spite of some signals that the rates might see a slight up-tick this week. One reason for the potential for an up-tick was the sluggish US bond redemptions by the Fed were slightly less robust than the previous offering. Overall, the bond market increased only 12/32 of a point, but this didn’t seem to stop mortgage rates from declining and the overall mortgage market to show a downturn.
Consumer sentiment remains robust
In spite of the lack of good economic news, consumer sentiment still seems to be trending mostly positive though this week, the overall index did show slight weakening. This indicates that while consumers may still be spending money on small things, they are still pessimistic enough about their own finances to avoid large purchases.
Things to watch the first week of October for mortgage market news.
During the upcoming week, several reports will be coming out that may result in slightly higher mortgage rates. On Monday, the manufacturing index which has been showing a downward trend will be released. Later next week, you’ll see a new employment report plus minutes from the recent FOMC meeting, all of which may impact rates. These reports are anticipated to have a slightly negative impact on the bond market, meaning mortgage rates may tick up slightly.
For the time being, mortgage rates are at record lows and if you are considering buying a home or refinancing your exsisiting home loan. CaLL Core Mortgage Financial and let us help you determine if this is the right time for you to invest or consider a cash-out refinance.