Mortgage Rate Update October 24, 2011

Posted on by Evan in Rate Update

Mortgage note rates are worse this morning.

Interest rates are starting the week worse off on expectations that European officials will be able to unveil a credible solution to the ongoing debt crisis by Wednesday.  There are still no details coming from the summit of EU leaders in Brussels but the markets are obviously anticipating good news or else rates would not be rising.

A LACK OF DETAILS HAS INVESTORS WONDERING WHAT EU LEADERS HAVE BEHIND CLOSED DOORS

There is no economic data out today but the next 4 days brings plenty of housing and important macro-economic reports so we’ll be keeping an eye on those releases in addition to developments in Europe.

The developments in Europe are largely political which makes it very difficult to predict.  I will shift to a neutral position.

Current Outlook: neutral