Financing Homes in Lake Tahoe and Truckee since 1992.

Lake Tahoe Home Loan Rates and Lake Tahoe Mortgage Loan Rates-Morning Update-September 9, 2013

Lake Tahoe Home Loan Rates, Lake Tahoe Home Loans, Lake Tahoe Mortgage Loan Rates, Lake Tahoe Mortgage Loans, Lake Tahoe Mortgage Rates:

Monday’s bond market has opened in positive territory,
extending Friday’s rally that was fueled by disappointing employment data. The stock markets are starting the week in positive ground also with the Dow up 93 points and the Nasdaq up 24 points. The bond market is currently up 14/32, which should improve this morning’s mortgage rates by approximately .250 – .375 of a discount point.

There is nothing of relevance scheduled for release today, leaving stock movement and any Syria-related news out of Washington to be the likely cause of an intra-day change in mortgage rates today. As long as no major news or events develop, mortgage rates will likely remain fairly calm this afternoon. If the major stock indexes fall from current levels though, bond prices could rise,
pushing mortgage rates lower.

The rest of the week brings us the release of only three pieces of monthly economic data in addition to two Treasury auctions that have the potential to affect mortgage rates. Despite the low number of reports, we still will likely see a fair amount of movement in the markets and mortgage pricing due to the importance of those economic reports and the likelihood of the Syria issue being in the spotlight with congress coming back into session. The economic data is set for late in the week and the Treasury auctions will take place mid-week. It is hard to say that exactly which day a vote will come in Congress on how to respond to what happened in Syria, but we can expect it to be in the forefront of the news media and on traders’ minds.

The first scheduled event that may influence mortgage rates comes Wednesday afternoon when results of the 10-year Treasury Note auction are posted. That will be followed by weekly unemployment figures Thursday morning and the 30-year Bond auction Thursday afternoon. All three of the week’s monthly economic reports are set to be posted Friday morning.

Overall, Friday is likely to be the most important day with all of the week’s economic data scheduled, but we could see noticeable movement in rates multiple days. The lightest will probably be either today or tomorrow with absolutely nothing currently scheduled to take place. The Treasury auctions raise the possibility of afternoon volatility in the middle part of the week, although I would not be surprised to see afternoon changes to mortgage pricing other days also. With the FOMC meeting looming next week, any surprises the next couple days could affect theories about what the Fed will do regarding their current bond buying program and lead to noticeable changes in the markets.