What a week we had!
US Job Rate came in at a surprise. Traders expected around 500,000 but got 431,000 with the majority of them being Census Jobs (411,000) which are temporary and will end soon. About the only good news out of this Jobs Report was that average hours worked improved. The Greece and the oil situation haven’t improved and only with the start of this month. All of this led to a stock market that dip as money flowed out of the stock market into the bond market.
This coming week, the economic reports that can move the market will be mostly on Friday. Though this Thursday, we will see the Initial Jobless Claims. Friday, we’ll see the Consumer Sentiment Index and Retail Sales. Both of these will show if the consumer is continuing to spend money during this rather bumpy recovery.
In addition to these reports, the US Treasury will be auctioning off $70 Billion in Notes and Bonds Tuesday through Thursday.
Even though mortgage interest rates have been better than normal, we don’t expect this to last long. Investors will be quick to pull the trigger to raise rates with the slightest hic-cup in the market.
You can read about these reports and more in this week’s MMG Week in Review as well as a great article on “Six Money Mistakes of Newlyweds.”
As always, I’ll be following these and more so that I am up on the news that affects mortgage interest rates.
You can also check out the Daily Rate Lock Advisory each day. This report normally comes out around 10am.
I also will report daily on twitter @mmtgsolutions on the mortgage interest rates and what to expect for the day. If one of these reports moves the market in a significant manner, I’ll write about it here.
Please remember, I welcome your comments to this and my other posts.
To an inspiring week,
Betsy Moore
206-331-2749
Twitter Updates
11 June 2010 at 4:46 am
Lenders are not being shy about offering the most aggressive rates of the year as they need to get as much new business in the door and locked now just in case mortgage rates move higher in the day’s to come. The only loans I recommend floating are those that can be locked on a shorter commitment period in the next few months.
13 June 2010 at 7:37 pm
Hi, Jon,
Thanks for the comment. I only caution that each borrower’s situation is different therefore that really dictates as to when to lock or not to lock.