Mortgage rates are unchanged from last week.
The economic calendar is full of housing related news this week. Earlier today the National Association of Home Builders reported that their housing market index hit a 10-year high for October.
Depending on who you ask this can be good news or bad news. At least for the immediate term this is a positive sign. That said, home builders tend to be the “last ones to the party” so this could be a signal that the run in housing will run out of steam.
Tomorrow we’ll see the latest numbers for building permits and housing starts. Lastly, on Thursday we’ll see the Federal Housing Finance Agency Housing Price Index and existing home sales.
From a technical perspective mortgage rates look vulnerable to worsening (modestly) over the next couple days. However, longer-term the rate environment looks promising.
Current Outlook: locking