Estimates of major market indicators that influence mortgage rates are provided by Dan Green of The Mortgage Reports. Some highlights of the prior week include:
In what should have been a week full of shake-ups, the Fed stole the spotlight and guided markets in very plain English about its intentions. The economy is showing evidence of slowing down as we head into the New Year and beyond. In response, mortgage rates are at a 10-month low. This past week (and for the first time since 2003), the manufacturing sector showed signs of contraction. In isolation, that’s a big deal. But, when you put it next to data that separately showed a slowdown in construction spending, a decrease in business investment, and rising oil prices, you have a huge deal.
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