Today, I expect that we will see rates increase a little due to the (I guess you could say positive) Employment Situation. Even though the economy is at a 5.5% unemployment rate, this was the expected percentage, which means if things are not worsening they are getting better in the investor’s eyes. The stock market is up and the 10-year Bond Yield is up as well, so naturally interest rates will follow. If the actual reading was worse then investors would be weary about throwing their money into stocks and would invest in bonds, which in turn would decrease mortgage interest rates. Now, even though the 10-year Bond Yield is close to where it was this morning, we just saw some banks increase rates a little because of the “stable” news.
Today the bond market will be closing at 2pm and all U.S. Markets will re-open again on Monday after the holiday weekend. There are not many relevant reports scheduled next week, but check back on Monday to Catch the Latest Market Dripp.
Today’s employment report showed little change, which helps investors feel more comfortable investing in the stock market. This relatively positive news has had some lenders increase rates a little today.
- Should I lock if I’m closing or planning to mortgage refinance within:
15 days? YES
30 days? YES
45 days? NO
60 days? NO
July 3rd, 2008 at 11:34 am
Nice writing. You are on my RSS reader now so I can read more from you down the road.
Allen Taylor
July 3rd, 2008 at 12:27 pm
Savvas,
You are so amazing!! Since you have started this website you have been increased my knowledge about the market Ten Fold!!! I will call you immediately when I am ready to Lock. You are very intelligent and a true mortgage Professional. Talk to you soon!
- Ben
July 3rd, 2008 at 12:33 pm
Thank so much Ben!! We work hard to assist you in making an informed decision. Let us know if you have any suggestions of making things better!
Have a safe holiday.