Mortgage rates improved last week on economic data originating from the US, a bit of a change considering how Eurozone news has dominated as of late and played an important role in pushing mortgage rates downward.

Friday saw the release of the Non-Farms Payrolls Report, which showed the unemployment rate stayed at 8.2% and creation of 80,000 new jobs last month. The jobs data disappointed, coming in below the market expectation of 100,000 jobs, which helped push mortgage rates to new all time lows as the holiday week came to an end.

Mortgage Rates Outlook for the Week Ahead

With little domestic data being released this week, market watchers will again keep a close eye on two primary things this week, any news coming out of Europe and the release FOMC (Federal Open Market Committee) minutes on Wednesday.

As usual for many, many months, news coming out of Europe has strong potential to move mortgage rates as those governments battle to avoid the collapse of the Euro. The same is true of the FOMC minutes, should there be any statements in the minutes that catch market watchers by surprise.

Economic Calendar for the Week of July 9, 2012

• Monday – Consumer Credit
• Tuesday – N/A
• Wednesday – International Trade, FOMC Minutes
• Thursday – Jobless Claims, Import and Export Prices
• Friday – Producer Price Index, Consumer Sentiment

Up to the Minute Mortgage Rate Quotes

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