Mortgage markets improved last week on the heels of benign economic data and a non-inspired press release from the Federal Reserve. Aside from trader momentum, 3 market-moving events helped set the pace last week:
- Housing data hinted at strength
- Jobless data showed softness
- The Fed said growth appears on-track
The combination of the three created volatility that — for just the second time in the last 8 weeks — worked in favor of rate shoppers. Mortgage rates changed a lot last week, but they trended lower overall. Already, however, markets are looking ahead to this week’s holiday-shortened trading sessions. There is a ton of data to be released and as the week progresses, the ever-falling market volume could create some wide swings in mortgage rates. The mystery is whether rates will be getting better or worse….
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Sincerely and respectfully,
Daniel A. Sosa
PMZ Mortgage Consultant
Office: 209-472-2010 x4716
Cell: 209-298-8017
Email: dsosa@pmzloans.com
Website: www.loanapproval411.com
