Connecticut Mortgage Rates March 1, 2010

By
Mortgage and Lending with MBC Interactive

Mortgage bond prices rebounded last week pushing Connecticut mortgage rates lower. The majority of the data came in bond friendly. Weaker than expected consumer confidence data Tuesday helped Connecticut mortgage rates improve. The Treasury auctions showed decent foreign demand. The gross domestic product price deflator component showed a smaller price increase than expected while the consumer spending component also came in weaker than expected. Existing home sales fell a surprising 7.1%, considerably weaker than the expected 1% increase. Rates fell about 3/4 of a discount point for the week.

The employment report Friday morning will take center stage this week. Until then, look for the PCE inflation data to set the tone for the beginning of the week and the ADP employment report to set the tone for CT mortgage rates through the mid portion of the week.

LOOKING AHEAD

Economic
Indicator

Release
Date & Time

Consensus
Estimate


Analysis

Personal Income and Outlays

Monday, March 1,
8:30 am, et

Income up 0.4%,
Outlays up 0.4%

Important. A measure of consumers' ability to spend. Weakness may lead to lower CT mortgage rates.
PCE Price Index

Monday, March 1,
8:30 am, et

Up 0.1%

Important. An indication of inflationary pressures. Decreases may lead to lower CT rates.
Construction Spending

Monday, March 1,
10:00 am, et

Down 0.6%

Low importance. An indication of economic strength. A significant decrease may lead to lower CT mortgage rates.
ISM Index

Monday, March 1,
10:00 am, et

58.0

Important. A measure of manufacturer sentiment. A large decline may lead to lower CT mortgage rates.
ADP Employment

Wednesday, March 3,
8:30 am, et

-15k

Important. An indication of employment. Weakness may bring lower rates.
Fed "Beige Book"

Wednesday, March 3,
2:00 pm, et

None Important. This Fed report details current economic conditions across the US. Signs of weakness may lead to lower CT rates.
Revised Q4 Productivity

Thursday, March 4,
8:30 am, et

Up 6.2%

Important. A measure of output per hour. Improvement may lead to lower Connecticut mortgage rates.
Factory Orders

Thursday, March 4,
10:00 am, et

Up 1.2%

Important. A measure of manufacturing sector strength. Weakness may lead to lower rates.
Employment

Friday, March 5,
8:30 am, et

Unemp. @ 9.8%,
Payrolls -25k

Very important. An increase in unemployment or a large decrease in payrolls may bring lower rates.
Consumer Credit

Friday, March 5,
3:00 pm, et

Down $4.1 billion Low importance. A significantly large increase may lead to lower mortgage interest rates.

Fundamental Week

The abundance of fundamental data this week provides a good opportunity for Connecticut mortgage rates to improve. If the data shows weakness in the economy with little or no inflationary pressures then it is possible for mortgage bonds to rally resulting in Connecticut mortgage interest rate decreases. However, if the data shows that the economy is rebounding or any significant signs of inflation, mortgage bonds may fall pushing mortgage interest rates higher.

Connecticut mortgage interest rates remain favorable. Now is a great time to avoid the uncertainty surrounding continued market volatility.

For more information on purchasing or refinancing a home in Connecticut visit www.ToMortgageServices.com, or call directly at (800) 922-3210.

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Ambassador
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Good news for buyers or people looking to refinance. Employment is still a major problem and now with the benefits bill expired if they don't do something things will definitely get worse.

March 02, 2010 09:19 AM #1
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Don Polletta

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