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By G. Steven Bray
After some volatility following the jobs report at the beginning of the month, mortgage rates have moved very little. The jobs report got tongues wagging about whether the Federal Reserve would delay raising interest rates, but it seems markets want further proof before they allow rates to trend lower again. At the same time, recent weak economic numbers are negating any pressure for rates to move higher.
So, what could change that? The biggest economic report this week is Retail Sales on Tues. Consumer spending makes up a huge portion of the US economy. Analysts have been predicting an acceleration in spending due to lower gas prices, but so far consumers have disappointed them. Should that change, rates could trend higher.
But even if US economic data starts to trend up again, overseas situations will continue to counterbalance any upward pressure on rates. It also seems more likely one of those situations will cause the next big move in rates.
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