FIRST TEAM’S WEEKLY MORTGAGE WATCH (MARCH 13TH, 2016) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Last week, mortgage rates managed to gain a little ground, bouncing off the positive economic news of the previous week and news out of Europe.
- The European Central Bank (ECB) expanded its effort to stimulate growth and reduce deflation risks. The expansion of the ECB bond purchase program now includes corporate bonds, and banks are paying the ECB more to hold excess reserves.
- Even with added challenges to international markets,our economy continues to grow, albeit unevenly.This week is a huge week for financial markets.
- In addition to significant economic data due, including Retail Sales, Industrial Production, and the twin Price Indices, the Federal Reserve meets to discuss monetary policy.
- While most experts are expecting the Fed to leave its programs and interest rates unchanged, the Fed’s economic outlook and expectations for future increases in its interest rate could move mortgage rates significantly.
- If the Fed Governors shrug off global challenges, and hold fast to increasing the Fed’s rate four times this year, mortgage rates will very likely rise.
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