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Michael Bock February 12, 2024

What’s Ahead For Mortgage Rates This Week – February 12th, 2024

This week is the release of Core CPI and PPI numbers for January. The only data release of note is the trade deficit and the usual unemployment reports for the prior week. The current trade deficit for the U.S. is operating precisely within expectations and correlating GDP numbers. This current week will provide further guidance for the Federal Reserve as the next release of inflation data is released.

U.S. Trade Deficit

The U.S. trade deficit rose slightly in December, but the annual gap still fell to the lowest level in three years and added to the economy’s strong performance in 2023.

Record deficits in 2021 and 2022, by contrast, acted as a big drag on gross domestic product, the official scorecard of the U.S. economy.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates saw a decrease by -0.04% with the current rate at 5.90%
• 30-Yr FRM rates saw a decrease by 0.01% with the current rate at 6.64%

MND Rate Index

• 30-Yr FHA rates are seeing a -0.05% decrease for this week. Current rates at 6.22%
• 30-Yr VA rates are seeing a -0.06% decrease for this week. Current rates at 6.24%

Jobless Claims

Initial Claims were reported to be 218,000 compared to the expected claims of 220,000. The prior week landed at 227,000.

What’s Ahead

Core CPI and Core PPI numbers are the primary reports being released this week. Given the Federal Reserve hesitation to move on any pending rate cuts, each release of inflation data that goes well, further adds conviction the Federal Reserve will soon be looking to cut rates after a satisfactory period.

Filed Under: Financial Reports Tagged With: Financial Report, Jobless Claims, Mortgage Rates

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Theresa NMLS #1996065

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Michael Bock | NMLS #1749855
Theresa Bock | NMLS #1996065
Licensed Mortgage Loan Originators
Bock Mortgage Group LLC. | NMLS# 2504921

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