This should be a busy week of economic news that will like have an impact on mortgage rates, starting with tonight's State of the Union address (9 p.m. ET)
The first Federal Open Market Committee meeting of the year also will take place this week, with Chairman Ben Bernanke holding a press conference, always informative. It is unlikely that the Fed will alter short-term interest rates, but we may discern what the next move by the Fed may be.
Thursday will be interesting as three economic reports will be released: December's Durable Goods orders. A smaller increase than expected would constitute good news for mortgage rates. Probably won't have much of an impact.
December new home sales data will be released about 10 a.m. and is likely to show a slight increase, much like the Existing Home Sales report last week. We will also hear about December's Leading Economic Indicators, which is expected to rise.
The big news of the week will come Friday when the fourth quarter Gross Domestic Product figures will be released. This report can have a major impact on the stock market and on mortgage rates.
Finally, we will hear about the University of Michigan's Index of Consumer Sentiment or consumer confidence. It will tell us if the consumer is more or less likely to buy big-ticket items, which wuld be good for the general economy.
It ought to be an interesting week, especially Friday, and mortgage rates may well be volatile all week.
It's a great time to buy a home, with today's mortgage rates at all-time lows. Interested in learning more? Why not call a real estate professional to guide your home-buying and home-selling decisions. Call Rob @ 904-485-7455.
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