Things were slow today with mortgage rates going into the holiday, with rates moving moderately lower, regaining yesterday’s losses.
Every day this week has seen a reversal of the day prior for mortgage rates, giving back or making up for the prior day’s gains or losses.
Today did see consumer confidence data come out at 79.3, with the markets expecting the index to be at 77.8. This makes this reading the highest since 2007 even though it is generally considered a weak number and didn’t seem to have had any impact on mortgage rates.
Mortgage Rates and Europe Moving Forward
This week was no exception to the months and weeks past as market watchers intently watched for any information coming out about a possible exit from the Eurozone by Greece. The market is interested in any information coming out of Europe but specifically information regarding Greece, Italy and Spain. Signs of trouble in those three countries could likely be symptoms of a large Euro problem, which could ultimately lead to more countries with debt insolvency issues.
Next week the market will continue to monitor the situation and will likely do the same in coming weeks and months. The constant stream of not so great information coming out of Europe has and will continue to play a major role in putting downward pressure on mortgage rates.
Mortgage Rates: The Week Ahead
Next week will see a shortened trading week in the markets as the US recognizes Memorial Day on Monday. When the week does begin on Tuesday, there should be a lot of activity as quite a few pieces of economic data will be released with the majority of the important data being released on Thursday and Friday.
Where Are Mortgage Rates Right Now?
As we’ve said many times before, mortgage rates can change many times per day. This means that the only way to get an up to the minute quote is simply by calling us directly or requesting a mortgage quote using the form above.
Wondering what loan programs exist or make the most sense for your needs? In addition to helping you explore the best mortgage for your needs, we can also put together a mortgage strategy that will help you reach your goals.
Until next week, have a safe and happy Memorial Day Weekend!