Mortgage rates are basically even with the latter half of last week and .125% off all-time low levels.
The Fed will meet for its normal two day monetary policy meeting starting tomorrow with a policy statement released on Wednesday. There is basically zero chance the Fed will hike rates at this meeting but their comments always have the ability to move the markets. The markets currently are pricing in a ~20% probability for a hike at the September meeting and ~50% for the December meeting.
The rest of the economic calendar is fairly light. We will get the latest version of the Case-Shiller Home Price index tomorrow. Portland has led the nation for annual home price appreciation for the past eight months.
We are also in the middle of earnings season and this week Apple, Boeing, and Caterpillar are slated to report. Although the domestic economy is faring well analysts will be watching for signs of how global headwinds may be impacting corporate profits.
I will maintain a floating position for now.
Current Outlook: carefully floating