First Time Home Buyers
Most first time home buyer programs saw rates go a little higher last week. The economic calendar was almost empty and the markets drifted just slightly higher.
It was the first losing week for mortgage rates in March.
Mortgage rates are nearly 30 days into their very impressive, and somewhat unlikely, rally. Weaker-than-expected economic data is one reason why. Lack of economic data may be another.
Loan Rate Predictions | This Week
This is the busiest economic calendar that we have seen in quite some time. Here’s some of what is coming:
- Monday : Industrial Production and Home Builder Index
- Tuesday : Housing Starts and Building Permits
- Wednesday: Consumer Confidence
- Thursday : Producer Price Index and Initial Jobless Claims
- Friday : Consumer Price Index and Continuing Jobless Claims
As if that wasn’t enough, the Fed meets tomorrow.
We’re not expecting the Fed Funds Rate to move, but we’re expecting the post-meeting press release to be the firecracker that it normally is.
Wall Street will act on the press release. If the news is positive about the economy or if inflation is a concern, mortgage rates will go higher. If the release is surprisingly pessimistic, rates might dip a little lower.
With the first time home buyer tax credit winding down, you’re probably better off finding a home sooner rather than later. Mortgage rates could very easily move .5% higher and it would be tough for them to go even .125% lower.
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