Current Mortgage Rates for Monday, September 24, 2012

By on September 24, 2012

 

 

Last week mortgage rates once again pushed into record low territory.  With little in the way of significant economic data or news of real substance, the benefit of the Fed’s newest round of easing may be filtering its way down to consumers in the form of lower long-term borrowing rates.

This week should be a little different, at least in terms of economic data.  First up more manufacturing data from the Fed.  The Dallas Fed Manufacturing Survey came in at a measurement of -0.9 (numbers less then zero indicate contraction).  This is up from -1.6 last month but is the third consecutive month of contraction.  This report is within the range of expectations, so it is not too earth shattering, but continues a trend of poor U.S. manufacturing data.

The remainder of the week will bring us more manufacturing data, a slew of housing data, jobless claims, GDP, durable goods orders, some PMI data, and consumer sentiment information.  Given the various turmoil in the world right now (Europe, China, the middle east, the U.S. election, the looming debt cliff, etc.) this week’s data is going to have to be very good or very bad to significantly impact mortgage rates, especially in light of QE3.

For the time being, rates will remain low, and could potentially go lower.  If I were looking for a mortgage I would still be inclined to lock in my savings now, just because of the limited upside in waiting for slightly lower rates versus the downside of higher rates.

Total Mortgage Services (http://s.tt/1ocJ6)

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