Lake Tahoe Mortgage Rates and Lake Tahoe Home Loan Rates:
Monday’s bond market has opened in negative territory, erasing Friday’s late afternoon gains. The stock markets are starting the week in negative ground with the Dow down 64 points and the Nasdaq down 4 points. The bond market is currently down 8/32, but due to strength late Friday we should see little change in this morning’s mortgage rates if comparing to Friday’s early pricing.
There is nothing of importance scheduled for release today. In fact, this week is extremely light in terms of the number of mortgage-relevant economic reports. There is only one monthly report scheduled in addition to two Treasury auctions in the middle of the week that may influence mortgage rates. This makes it likely that stock movement will heavily influence bond trading and mortgage rates several days.
Tomorrow has the only monthly economic news of the week with the posting of June’s Trade Balance. It gives us the size of the U.S. trade deficit but is considered to be of low importance to the bond market and usually has little impact on mortgage rates. Analysts are expecting to see a $43.4 billion trade deficit, but it will take a wide variance to directly influence mortgage pricing.
Also worth noting are several speaking engagements by multiple Fed members this week. These appearances are common and many go unnoticed on a regular basis. However, with no important economic data scheduled to drive bond trading and the broader financial markets, their words will draw even more attention than usual. Especially since last Friday’s Employment report disappointed many analysts and there is now more debate about when the Fed may start tapering their current bond-buying program (QE3). Any statements related to that topic during their speeches this week will become extremely newsworthy and could easily affect mortgage rates.
Overall, it is difficult to label one particular day as the most important with so little to choose from. And just about any day could be considered the lightest. I never recommend straying far from your mortgage professional if still floating an interest rate, however, the markets and mortgage pricing are likely going to be a bit more calm the next several days than they have been during recent weeks. That is unless, something unexpected happens, which is always a possibility.