Key Dates This Month For Economic News

• October 5- Jobs Report
• October 12- PPI  Report
• October 12- Retail Sales
• October 17- CPI Report
• October 24- Existing Home Sales
• October 31- FOMC Meeting

October Mortgage Rate Trends

The FED lowered the fed funds rate October 31st by .25pts to 4.5% There is a strong sentiment that the overall economy is heading into a recession. Mortgage  rates moved up on the news.

Existing home sales rose slightly for the month of September. Mortgage rates have dropped sharply over the past week. The average rate on a 30 year mortgage was 6.33% according to Freddie Mac

Housing starts are now at a 14 year historic low. The CPI report showed inflation to be moderate for the month of September. Overall this is good news for mortgage rates and mortgage backed securities have trended lower.

Retail sales for September were up .6% and inflation appeared to be well in check according to the latest PPI report. The average rate on a 30 year mortgage was 6.4 % with .4 pts according to Freddie Mac on October 11th.

The jobs report for September came in above estimates and raised the yield on treasuries. The short term impact is that we have seen fixed rate mortgages move up about .125%. According to Freddie Mac the average rate on a 30 year mortgage was 6.375% with a .5pt on October 4th.

Compare Mortgage Rates From Top National Lenders Including:

Amerisave

IndyMac

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