From Rob Clark our go-to-mortgage guy:
Europe is the dominant factor these days for the outlook on the economy and US interest rates. On Thursday and Friday there is another EU summit meeting scheduled.
The question on everyone’s mind is will there be any significant progress to develop a long range plan to boost the EU economies and support the weakening banking sectors?
The key points of data this week are May new home sales and personal income and spending, the June consumer confidence index, durable goods orders, and weekly jobless claims.
We will also be getting the Chicago purchasing managers index for June and the final University of Michigan consumer sentiment index. Whew! Lots of heady stuff there.
Mortgage interest rates, along with the 10 yr note have traded in a narrow range for the last few weeks and what comes out of Europe this week will continue to impact interest rates. Any significant relaxing of the fear factor will likely work against the bond market as the safety trades will be lessened and rates could increase a bit.
Thanks Rob – for more information on buying a new home or refinancing your existing mortgage, give me a call, I’d love to help you.
Real Estate with Integrity