Colorado Home Mortgage Refinance Loan Rates may be heading in the right direction
Colorado Home Mortgage Refinance Loan rates saw very little movement today. The only major economic report to be released today was the Consumer Confidence numbers. It appears that Consumer Confidence is at an all time low and Colorado Home Mortgage Refinance Loan rates did see some action because of this. Colorado Home Mortgage Refinance Loan rates dropped a bit but not enough to make any type of rate change in the lender rate sheets. Most of what will impact the market will be released tomorrow and Colorado Home Mortgage Refinance Loan rates will certainly see some action because of this. Listed below I have a simple break down of the reports released today and what we can expect tomorrow:
Consumer Confidence fell to a record low 50.0, which was a lot worse then the 56.0 expectation set in the market last week. Colorado Home Mortgage Refinance Loan rates will see some improvements based on this information alone. Consumer Confidence has a direct correlation to consumer spending, which accounts for two thirds of the economy. Consumer Confidence also has some correlation with joblessness, inflation, and real income. Typically only changes of five points or more are considered significant. We had an 8.2 point drop from when the report was last issued and a 6 point drop from what was expected. This should have had some strong impacts in the Colorado Home Mortgage Refinance Loan Markets, but so far it appears the FOMC is taking center stage. There are other pressures that change consumer spending other than consumer confidence, inflation, joblessness, and regional business issues. Consumer Confidence is used to predict the direction of Consumer Spending but because of other influences, higher Confidence won’t always lead to higher Spending. Higher Spending numbers could be in direct relation to higher inflation. This would be bad for Colorado Home Mortgage Refinance Loan rates. However this months report should have improved Colorado Home Mortgage Refinance Loan rates for now.
Two Other Reports released today Richmond Fed Survey and Case-Shiller Price index numbers play separate roles in the Colorado Home Mortgage Refinance Loan Markets, but not enough to be considered a mover and a shaker. Richmond Fed Survey works similar to the Empire State report and reports on manufacturing areas. The report indicated a reduction in manufacturing demand which is a sign that our economy appears to be retracting. The Price Shiller Price Index which monitors price changes in 10 different cities seemed to indicate that pricing is down which should be good news for Colorado Home Mortgage Refinance Loan rates. I only briefly talk about these because it does not impact the Colorado Home Mortgage Refinance Loan markets enough to make rates move. However they were released today and the numbers seem to favor Colorado Home Mortgage Refinance Loan rates so I wanted to mention them.
FOMC Meeting will conclude tomorrow and reports will begin to leak in about what was discussed in the meeting. The first thing that will be determined is the FOMC action. Action normally relates to what the FOMC has decided to do to short term interest rates. If no action is taken on Short-Term Interest rates, the FOMC will signal that Economic Stimulus continues to be its main course of action. This will be good for Colorado Home Mortgage Refinance Loan rates. If Short Term interest rates are increased then the FOMC will be combating inflation which is very negative for Colorado Home Mortgage Refinance Loan rates. I believe that the FOMC will leave rates alone and that Colorado Home Mortgage Refinance Loan rates will react positively. We just need to stay tuned to see if the board was split or not on this decision and we will need to watch for any major inflationary discussions.
|
Durable Goods will be a strong mover and shaker for Colorado Home Mortgage Refinance Loan rates. Durable Goods Orders reports the number of new orders placed with domestic manufacturers for immediate and future delivery. Durable goods are items considered to be useful for at least three years (such as vehicles, large appliances and computers.)
I hope this helps and please contact me with your Colorado Home Mortgage Refinance Loan questions. If the market heads in the direction I am hoping it will we should see some improvements to Colorado Home Mortgage Refinance Loan rates. We will have to wait and see what the numbers say tomorrow. If you have time check out my other site please do so at: www.coloradomortgagebanking.com/news |
Tags: Colorado Home Mortgage, Colorado home mortgage refinance loan, Home Mortgage, Loan rates, Mortgage Refinance
