Mortgage Rates Crushed by Employment Report
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Posted on March 11, 2013 by Anthony Bird – Local Michigan, Mortgage Tips. One important financial which really helps shape the interest rate mortgage market is the jobs report. This is a report that comes out once per month and is considered by most to be the main economic report for the economy.
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· A strong employment report sent bond yields even higher, and mortgage rates loosely follow the yield of the 10-year Treasury.
· Mortgage rates today are driven by movements in financial markets worldwide. When the economy heats up, bond price drop, and rates increase. When the economy pulls back, interest rates.
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Because lenders are not explicitly able to pay lower commission rates for HFA. The MBA Mortgage Application Index was released this morning, falling last week by 9.0% versus an increase of +1.3%.
The Employment Situation (a.k.a. the monthly jobs report) for February has arrived and is impacting the direction of mortgage rates this morning. If the present trend holds through the day, we’ll see rates finish out the week higher than where they started. Rates are expected to continue rising in.
Mortgage rates today are driven by movements in financial markets worldwide. When the economy heats up, bond price drop, and rates increase. When the economy pulls back, interest rates tend to fall.
Mortgage rates are up significantly the past few days, spurred in large part by Friday’s employment report showing the U.S. economy added 236,000 in February. As of today, the average rate on 30-year fixed-rate mortgages is at 3.75 percent according to loan data reported to MortgageLoan.com, up from 3.62 percent on Monday, March 4.
For the first time in nine years, the Federal Reserve has raised interest rates. Borrowing costs will steadily rise. millennials don’t hold full-time jobs. But she has steady employment at.