Rate Update August 10, 2009
Mortgage rates remain unchanged from Friday.
If you’ll recall mortgage rates rose by approximately .375% across the board last week. This morning it looks as though rates will take a breather.
Looking ahead this week there is much to lookout for. Beginning tomorrow the Federal Open Market Committee will hold a two-day meeting to discuss monetary policy. Although no changes to the Federal Funds Rate are expected their comments can always stir the markets.
The US Treasury will begin selling a heavy supply of US treasuries tomorrow through Thursday. We’ll want to pay close attention to the level of foreign participation to determine the impact on mortgage rates. If foreign participation is strong we may see mortgage rates reverse lower.
Current outlook: neutral