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Mortgage Rate Trends & Enconomic News For March 2008

 

Key Dates This Month For Economic News

  • March  7- Jobs Report
  • March 13- Retail Sales
  • March 14- CPI Report
  • March 18- PPI  Report
  • March 18-19 FOMC Meeting
  • March 26- New Home Sales

 

 

March Mortgage Rate Trends

New home sales declined for a record of 13 straight months. Mortgages rates have been trending down with some weakness in the stock market.

The FOMC today lowered the fed funds rate down to 2.25%. Reducing the fed funds rate by ,75% will lower the prime rate down to 5.25%, welcome news for home owners with adjustable rate loans or equity loans.

The PPI report for the month of February came in at .3% for the month. This was slightly higher than expected and will put some upward pressure on long term mortgage rates.

The CPI report for the month of February came in at .2%. This is a good sign for the economy as it shows inflation is slowing and will allow the Fed to continue its path towards lowering interest rates.

The retail sales report for the month of February came in well below expectations. Retail sales growth was a marginal .4%, mortgage rates are rallying on the news.

The jobs report for the month of February reported a net decline of 57,000 jobs. The unemployment rate rose to 4.8%. Mortgage rates should drop on the news.

 

 

 

 

 

 

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