Current mortgage rates will be low again this week as the rally in mortgage rates that started on November 26th looks to be sticking around longer than some previous rallies this year. This is good news for borrowers that are looking to refinance a current mortgage or purchase a home. One of the main goals the Treasury has is to try and stimulate the housing market and bring some potential buyers off the sidelines with the lower mortgage rates.
One news item coming out this week that could impact mortgage rates is the Retail Sales report which will be released on Friday. This report is expected to show that retail sales were lower by 1.4% in November. A worse than expected reading would be bad news for the economy and could support lower mortgage rates. A better than expected reading would be a positive sign for the economy and most likely lead to higher mortgage rates.
Other than the Retail Sales report, any new announcements from the Federal Reserve or the Treasury about Mortgage Backed Securities (MBS) could swing rates one way or the other. For the most up to date information on mortgage rates in Massachusetts along with the other states in New England that HomeQuest is licensed in, call 508-839-1117 and ask to speak with one of our loan officers.