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What's Ahead For Mortgage Rates This Week: February 11th, 2013 - Benchmark CO

What's Ahead For Mortgage Rates This Week: February 11th, 2013

Homebuilders Say Markets Improve For 6th Consecutive Month On Wednesday, the National Association of Home Builders (NAHB) released its NAHB/First American Improving Markets Index (IMI), which provided good news for housing markets in all 50 states and Washington, D. C. Metro housing markets surveyed showed expansion of improving markets for the sixth consecutive month. 259 of the 361 metro areas surveyed in the IMI showed improvement in February. By comparison, only 12 improving metro markets were reported for September of 2011. Increasing home prices and mortgage rates suggest that now may be the time for buying a home. The weekly Jobless Claims report released on Thursday indicated that 366,000 new claims were filed, which was higher than Wall Street’s estimate of 360,000 new jobless claims, but lower than the previous week\’s 368,000 new jobless claims. Falling U.S. Trade Deficit Signals Economic Uptick The best economic news for last week came on Friday, when the U.S. trade deficit fell to its lowest level since January 2010. The Trade Balance Report for December shows the trade deficit at -$38.5 billion against expectations of -$46 billion and November\’s deficit of -$48.7 billion. While a great boost for the economy, this is another indicator that recent low mortgage rates and home prices may soon become history. Economic News scheduled for this upcoming week includes U.S. Treasury Auctions set for Tuesday, Wednesday and Thursday. Retail Sales for January will be released on Wednesday and watched closely by investors. Retail sales account for approximately 70 percent of the U.S. economy and are viewed as a strong indicator of the economy\’s direction. Jobless Claims on Thursday, Industrial Production and Consumer Sentiment on Friday round out the week\’s economic reports. ]]>