Forgotten Your Password?

Need to Register?

Douglas Lenski

Mortgage Rates Edge Higher

Wednesday, July 24, 2013 - Article by: Douglas Lenski - Wholesale Mortgage Services of Wisconsin - Message

Wisconsin Mortgage Rates had been moving lower for the past week. This was a result of Ben Bernanke's testimony last week. Yesterday's bond auction had a very poor showing. That means bond investors are selling ahead of today's 5 year auction. The results of the auction should be released around noon. Economic data is very thin this week so investors will be looking for excuses to move the markets.

The FOMC meets again next week Wednesday. Those meetings have been a powder keg for the markets lately resulting in huge swings. We also will get a monthly jobs report on Friday. The FOMC has said tapering of QE3 will be based on unemployment. Their target rate is 6.5%. The direction of unemployment will have the opposite effect on mortgage rates.

We will also see the GDP numbers being released next week. With China saying that growth is waning, it may spell doom for US GDP.

Wisconsin Mortgage Rates remain low.

Didn't find the answer you wanted? Ask one of your own.

Get an answer
Subscribe to our news feed.