This entry was posted on Saturday, April 14th, 2007 at 8:10 am and is filed under Mortgage Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Sacramento Mortgage Rate Update
Mortgage rates rose a smidge this week, with the 30 year fixed ending the week out west at an average of 6.22% at .6 points, according to Freddie Mac.
Behind the Numbers
The FOMC minutes were released on Wednesday and did little to raise hopes for a near term rate cut. Although the Fed carved out a little room to respond flexibly to whatever the economy throws at it, it remains hawkish on inflation and has hinted at a possible rate hike. Gas price spike is sucking money out of consumers’ pockets while adding to the inflationary mix. The March labor report was strong, unemployment remains low, and the Fed continues to act like Aunt Nellie with the vapors.
The Michigan Consumer Sentiment survey fell more than expected, but everyone knows that the consumer often worries but but continues to spend anyway. energy and food costs pushed the PPI a bit higher, but the core rate remained flat. The stage is set for the CPI next week. Should be a busy week.