Update on Financing

This came this morning from Kirk Scrima, my good friend and associate at Summit Funding here in Redding…..

This week brings us the release of four economic reports for the markets to digest, but none of them are considered to be highly important to mortgage rates. However, this will be an extremely busy week for corporate earnings, which usually translates into stock volatility.

Today has September’s Industrial Production data scheduled to be posted. It will be released mid-morning, giving us an indication of manufacturing strength by tracking output at U.S. factories, mines and utilities.

September’s Housing Starts is the week’s second release, coming early Tuesday morning. This report will probably not have much of an impact on the bond market or mortgage rates.

The only report scheduled for release Wednesday will be released during afternoon trading when the Federal Reserve will post its Beige Book at 2:00 PM ET. This data details economic conditions throughout the U.S. by region. The last report is September’s Leading Economic Indicators (LEI) late Thursday morning. This index attempts to measure future economic activity, particularly during the next three to six months. Current forecasts are calling for an increase of 0.3% from August’s reading.

Overall, I don’t see a particular day that should be labeled the single most important. The week’s economic reports are all moderately important to the markets, so we can’t rely on any of them to drive rates.

Rates for Conforming & FHA 30 Year Fixed are running 3.875% – 4.50% & USDA 30 Year Fixed is running 4.00% – 4.50%. Make it a great week!

See You At The Top!…and if you have any questions, please call me at 530-248-5601 or e-mail ronlargent@kw.com or www.ronlargent.com