This week is a shortened week due to the Martin Luther King holiday being observed today. Last week saw the market hit, yet again, all time historic lows on mortgage rates. Every time we think we’ve hit the bottom, mortgage rates set a new low. Not the worst problem to have!

There are some important pieces of data being released later in the week, but overall this is a light week for data that could move mortgage rates with Tuesday being the lightest day for data.

On Wednesday the PPI (Producer Price Index)  and Industrial Production data will be released and have the ability to affect mortgage rates. On Thursday, the CPI (Consumer Price Index) and Housing Starts are being released. Finally, on Friday, the Existing Home Sales data, released by the NAR (National Association of Realtors) will be watched by the market as well.

Economic Calendar for Week of January 16, 2012

• Monday – Martin Luther King Holiday Observed
• Tuesday – Empire State Mfg Survey
• Wednesday – Producer Price Index, Treasury International Capital, Industrial Production, Housing Market Index
• Thursday – Consumer Price Index, Housing Starts, Jobless Claims, Philadelphia Fed Survey,
• Friday – Existing Home Sales

Rates Are At or Near Record Lows, What Does This Mean For Me?

The truth is that it depends. It depends on your current needs, goals and plans for your current or future mortgage. If you are looking to refinance your existing mortgage or purchase a new home, we can help you understand what programs best fit your needs and help you decide if locking in a low rate is the best option for you. We can give you this guidance free of charge, so please do not hesitate to call us directly or request a rate quote on this site.