Mortgage rates are more or less unchanged from last week.
Although there is nothing of significance being released today the rest of the week brings very significant economic data. On Tuesday we’ll get a read on retails sales and industrial production.
On Wednesday, we’ll get the latest reading on the Consumer Price Index (CPI). As I’ve written about extensively on this blog inflationary pressure is the last thing the Fed is waiting on before they start raising short-term interest rates.
And speaking of the Fed, the major highlight of the week comes Thursday when they will release their latest monetary policy decision. At this point it appears unlikely that the Fed will raise short-term interest rates at this meeting. Let’s not forget that the Fed DOES NOT directly control mortgage rates. Yet what they say and how they say it can influence the direction of longer-term interest rates.
I anticipate that the markets will trade sideways until Thursday and then we could see some volatility depending on what they elect to do. I will remain in a floating stance.
Current Outlook: floating