Colorado Home Mortgage Refinance Loan rates currently holding steady
Colorado Home Mortgage Refinance Loan rates appear to be holding steady today as economic news appears to be light. We had only one Economic Report to speak of, and though it came in high, it did not impact the market much. ISM Service index reported higher today then expected, which typically moves Colorado Home Mortgage Refinance Loan rates in the wrong direction. This report is monitored by the Federal Reserve and does have inflationary implications. You can read more on that at www.coloradomortgagebanking.com/news
Here are a few smaller economic reports due out this week; Productivity, Pending Home Sales Index; Jobless Claims; and Trade Balance. All of these reports will have some impacts on mortgage rates, but the biggest mover this week will be the stock market. Colorado Home Mortgage Refinance Loan rates move in direct correlation with stock market gains or Losses.
High Productivity allows firms to produce more with an equal amount of labor. If fewer workers are needed, the inflation pressure on wages will be lower. The Productivity report is not a timely report as it is only released quarterly and most of the information in the report has already been released in other reports. The report does provide the best overall picture of the economy’s efficiency. This report is projected to come in low around 1.2%, anything higher can cause Colorado Home Mortgage Refinance Loan rates to rise.
Pending Home Sales are important but the name pretty much sums up what the report will say. Right now we are projected to have a negative growth in this area, but that is not new news and as a result Colorado Home Mortgage Refinance Loan rates will not be impacted by this report. Jobless Claims, which is actually due out on Thursday not Friday like I reported yesterday, will have this week’s greatest influence on Colorado Home Mortgage Refinance Loan rates. Initial jobless claims measure the number of first time filings for state jobless benefits. Claims are quite volatile from week to week; therefore many analysts track a four-week moving average to get a better sense of the underlying trend. The report also contains two other statistics- the number of people receiving state benefits and the insured unemployment rate. High Jobless Claims signals poor economic conditions. Poor economic conditions cause investors to invest more in securities and in return will cause Colorado Mortgage Refinance Loan rates to drop.
I know it is a lot to digest so I will summarize all my blogs within the last paragraph. Reporting this week will be low as it relates to economic reports. However the news being report will have some impact, but not as much impact as the stock market itself. Colorado Home Mortgage Refinance Loan rates will move with the stock market this week. Since most of the 1Q reports have already been released it appears that this week should go slow. Current Colorado Home Mortgage Refinance Loan rates are trending right around the 5.875% range with no points. We are keeping our Lock recommendations at 5.75%. Please call with any questions you might have on your Colorado Home Mortgage Refinance Loan programs.
Tags: Colorado home mortgage refinance loan, Mortgage Refinance, Rates
