This past week we saw mortgage interest rates move higher as the Fed’s program to purchase $1.25 Trillion of Mortgage Backed-Securities came to an end on Wednesday, March 30, 2010. Though interest rates did go higher, mortgage interest rates are still at historical lows.
And dont’ forget that ending this month is the 1st Time HomeBuyer Tax Credit program. Please, if you are a first time home buyer, don’t miss out on this. It is a dollar for dollar amount. You can read more about this in First Time HomeBuyer’s Tax Credit post.
Also in the news last week was the all important Jobs Report. In March, we added 162,000 jobs with about 40,000 of them being Census Jobs. These Census Jobs are only for about 3-4 months. While it is good news that we are adding jobs, the Unemployment Rate stayed at 9.7% while the unemployment overall rose to 16.9%. Those numbers include the full time worker that has either accepted part time or has completely given up. On top of this, Average Hourly Wages is down by 0.1%.
This week we start off with Monday: Pending Home Sales, Tuesday: FOMC Meeting Minutes, Thursday: Initial Jobless Claims.
It should be a rather quiet week except for the $82 Billion in Treasuries to be auctioned. These will have longer maturies similar to Mortgage Backed Securities so this could cause volatility in the marketplace.
You can read about this in more depth at MMG Weekly as well as on how to ”Boost Your Savings…Without Hardly Trying.”
You can also check out the Daily Rate Lock Advisory each day. This report normally comes out around 10am.
And as always, I 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
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