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Mortgage Outlook for the Week of October 31, 2011

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The Fed SpeaksAlthough there was volatility in the market last week, when all was said and done, mortgage rates remained flat for the week. Last week it looked as though a deal was in place to prevent the much feared debt default in the Eurozone. This week there appears to be doubt about the proposed “solution”, which is good for mortgage rates.

Mortgage rates have the potential to improve if the concern gains momentum or any new revelations showing the solution is flawed come to light. In such a scenario, the Wall St. equities will likely take a hit, while bonds see an influx of money, which would help push mortgage rates lower. That being said, rates are still close to all time historical lows.

The Week Ahead in Mortgages

Volatility is expected this week with mortgage rates as the Fed meets on Tuesday. Employment data will also be a key player this week as the ADP Employment Report is released on Wednesday, Jobless Claims on Thursday and the Employment Situation Report is released on Friday.

Economic Calendar for Week of October 31, 2011

  • Monday – n/a
  • Tuesday –  *FOMC (FED) Meeting Begins, ISM Manufacturing Index
  • Wednesday – *FOMC Meeting Announcement, FED Chairman Press Conference, ADP Employment Report
  • Thursday – Jobless Claims, Factory Orders
  • Friday – Employment Situation

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