Market Overview

What’s Ahead for Mortgage Rates This Week: September 21st

September 21, 2009 by · Leave a Comment 

After improving in the two prior weeks, mortgage markets finished last week unchanged overall. 

Mortgage rates were down early in the week but managed to give up all of their gains late-Friday afternoon.  It’s the same volatility variety we’ve seen in most weeks this year. 

Markets moved on to both positive- and negative-type news last week.  On the positive side:

On the negative side, Housing Starts idled and corporate earnings fell flat.

This week, the market moves on. 

Investors will watch several key releases including Existing Home Sales on Thursday, and Consumer Sentiment and New Homes Sales on Friday.  The most important event of the week by far, however, is the scheduled, 2-day meeting of the Federal Open Market Committee. 

The FOMC is the policy-setting group of the Federal Reserve and each time it meets, markets have a tendency to get volatile.

Markets expect the FOMC to leave the Fed Funds Rate within its current “target range” of 0.000-0.250 percent but that doesn’t mean mortgage rates will remain unchanged as well.  Depending on the verbiage of the FOMC’s post-meeting press release, mortgage rates could rise or fall by a lot.

The FOMC adjourns from its 2-day meeting Wednesday at 2:15 PM.

Need more expert advice? Ask the team of Certified Mortgage Planning Specialists at Benchmark Mortgage.

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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