No major headlines have hit the markets this morning. In fact, retail news this morning has been positive, which in a way confirms that the shallow sell-off today doesn’t reflect a real drop in sentiment. The rest of the week should bring further confirmation that the economy turned a corner as the third quarter began in July. Thursday’s retail sales report is expected to show a broad rebound led by the “cash for clunkers” car-buying program that buoyed spirits in the last week of the month. Consumer sentiment is also expected to increase, while jobless claims and inflation each moderate. All in, the week ahead should bring further optimism to the markets.
What will happen to interest rates you ask? Well I wouldn't wait for the rate you were quoted last month becasue it may be long gone. Positive news in the economic world typically means interest rates are on the rise. If a refinance makes sense for you at the rates as of today then I suggest you lock your loan!
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