Last week was packed with reports that caused San Diego Mortgage Rates to improve slightly. All eyes were on the minutes from the Fed’s January meeting of the Federal Open Market Committee. The minutes showed that several Fed members would like to halt the Quantitative Easing program of buying mortgage bonds sooner than originally planned, because they are concerned about inflation.
However, last week’s Producer and Consumer Price Index Reports showed that inflation at both the wholesale and consumer levels remained tame in January. Other Fed members though, are concerned that halting the program too soon could end the recovery in the housing market and hinder the economic recovery overall. Include the fact that the increase in the payroll tax in January left consumers with less money in their pockets and Wal-Mart reported that February sales were the weakest in seven years; this is an important factor to consider as well.
This week will also be busy with reports that could move the market.
- How the consumer is feeling will be front and center with Tuesday’s Consumer Confidence Report and Friday’s Consumer Sentiment Index.
- There’s also a double dose of housing news on Tuesday, with the Case Shiller Index and New Home Sales.
- Plus, look for Pending Home Sales on Wednesday.
- We will see how the economy is doing with Wednesday’s Durable Goods Orders and Thursday’s Gross Domestic Product, the biggest picture of economic activity.
- Also on Thursday, Weekly Initial Jobless Claims will be reported.
- The week will end with Friday’s Personal Consumption Expenditures, the Fed’s favorite measure of inflation, along with the ISM Indexand Personal Income and Spending.
On Friday, I quoted a loan for a purchase on a 30 year fixed at $320,000. The client’s credit score was 745 and the loan to value was 80%. The interest rate was 3.50% and the APR was 3.504%. The payment per month was $1,436.94.
If you are interested in getting your own quote please click HERE or feel free to give me a call at 619-312-0612. I am a San Diego Mortgage Broker who works locally and has over 12 years experience. I look forward to helping you secure the best San Diego Mortgage Rate.