The Week in Review:
Good news for the labor market. Friday’s Jobs Report showed more jobs created than expected and the unemployment rate dropped to 8.30%… the lowest since early 2009. Since good news typically causes rates to rise, home loan rates moved higher Friday erasing the small decline from earlier in the week. Mortgage interest rates ended the week unchanged.
What to Expect:
It’s a slow week for economic reports so watch out for the rate markets to continue the modest increase we saw at the end of the week. The Treasury will be selling securities this week and the results of those sales could play a role in market movements and if you’re not sick of hearing about it, Greece continues negotiations this week. German Chancellor Angela Merkel said this week that “time is running out” for Greece to accept bailout conditions. Resolution to the debt issue (or the lack thereof) will continue to make a difference in the rate markets and could cause big changes at anytime.
Breg-ometer:
Next 15 Days: Lock loans. It would not be surprising to see rates move higher from these levels
Next 30 + Days: Neutral
Courtesy of:
Bob Bregitzer
Southeast Mortgage
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