This week, the selling is expected to continue but hope for reversal to lower rates is possible.  It all depends on the news and it changes every day. As of 11 a.m. PST Mortgage Rates have improved by .125%

* Tuesday: Will GM and Chrysler’s viability plans be rejected?
* Wednesday: Will the Fed’s January meeting minutes show fear of depression?
* Thursday: Will Congress and the Treasury have clarified their respective stimulus plans?
* Friday: What will the Cost of Living index say about inflation?

There’s news to make mortgage rates move up or down every day week.  Unfortunately, unlike in the past when it was very clear what sort of news was good for rates or bad for rates, right now, it’s not so apparent.  There are so many expectations cooked in to the market already that it’s hard to know what traders expect.

What we do know, though, is that markets are on edge and that can be dangerous for a mortgage rate shopper.  Rates may fall by a lot this week on the right type of news.  Or they may rise by the same.  We can’t know for sure but we can know that — historically — rates remain low.

[where: 98109] [where: 85012]

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