Arizona Mortgage Rates continue to move up and down … and up and down. Volatile is the best word used to describe this rate environment. For a while we have been inverting economic news to figure the direction we expect home loan rates to move in. If economic data comes out that indicates a slip in the economy, we mortgage bankers have celebrated while garnering confused glares from the stock market guys on the other side of the hall. Interestingly enough, when they pop the cork we find ourselves kicking the dirt.
What to Watch Next Week (week of 08/26/13)
That has held true to a relatively consistent extent. For example, Arizona Mortgage Rates rejoiced this past Friday when existing home sales came in low. Average home prices also dipped just a touch. So this fits right in with bad economic news equaling a decrease in mortgage rates. So, yes there is still some sanity in the mortgage market.
Next week will serve up plenty more ammo for the Arizona mortgage rates to fluctuate. On tap for this coming weeks economic data we have – durable goods orders, case-shiller home price index, consumer confidence, pending home sales, GDP second revision, and personal income/spending. Each and every one of these reports will likely impact Arizona Mortgage Rates. Rule of thumb/common mortgage logic says that the more these reports indicate poor economic performance the more Arizona Mortgage Rates will improve and vice versa.
Of course we have seen mortgage rate logic act much like that important note that you gently lay on your front seat while you fly down the 101 and roll your window down for some fresh air. Suddenly, that note starts to float about without direction or control and then … out the window it goes. Yeah, that’s about how the market feels sometimes when your favorite hobby is stalking the bond market and reading economic data daily.
Stay tuned as we continue down this path. For now, rates are better than they were a week ago. Looking forward to buckling up tomorrow morning to work through another amazing week with Arizona mortgage rates!
By Jeremy House