Mortgage Rates improved slightly today. See Real Time Mortgage Rates

This week, there isn’t much economic news upon which to trade, save for Thursday Retail Sales data.  Therefore, markets will look for other clues about the future of the U.S. economy.

Tuesday, Fed Chairman Ben Bernanke has a scheduled speech on financial reform and then Thursday Congress takes up mark-to-market accounting.  It sounds like a dry topic, but mark-to-market is the accounting rule that makes banks take losses on assets they’ve yet to sell.

Some experts think mark-to-market accounting makes the financial system appear weaker than it is so this is why Congress is starting a debate.

If mark-to-market rules are loosened, it would likely spell good news for the stock market and bad news for mortgage rates.  In effect, money would flow in the opposite direction as it did last week.

For now, though, mortgage rates are low. If you’re currently floating a mortgage rate with your lender, consider locking in. If there’s even a whisper that mark-to-market accounting rules will change near-term, mortgage rates should rise.

[where: Seattle, WA] [where: Phoenix, AZ] [where: 98109] [where: 85012]

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