At the time I am writing this, mortgage interest rates are less than 1/8th of a percent higher than they were last Friday.
This week was a slow week in terms of important economic reports. Yesterday unemployment claims came out and it showed that claims dropped 42K, but last weeks were revised 28k higher. The big swing in the numbers was blamed on the Easter holiday. As I mentioned last week our current system of measuring unemployment is not very accurate as it does not included people who are under employed and have given up on looking. As far as interest rates goes unemployment is still the most important economic indicator to keep an eye on.
Another report that came out today was March retail sales which showed that consumer spending has slowed. This is good news for rates as our economy is driven by consumer spending. Not much news out of Europe this week compared to the last few weeks. Looking forward I think rates will still increase, but in the short run I would urge consumers to take advantage of this dip we are currently seeing.
Tags: market preview, mortgage rates outlook, unemployment claims