Mortgage Rates This Week

by Tom Tousignant

in Blog, Home Buying, Mortgages

Non-Farm Payrolls May 2008-April 2010Mortgage markets worsened last week as concerned of a global debt crisis lessened and stock markets rebounded. The gains in stocks came at the expense of bonds — including mortgage bonds.

Conforming and FHA mortgage rates rose in North Carolina for the first time in 5 weeks, pulling mortgage pricing off its best levels of the year.

This week, mortgage rates are likely to rise some more, but still remain at the ‘historically low’ level that every mortgage marketer is screaming about.

The big deal this week in the monthly Jobs Report.  This comes out the first friday of every month and is usually a big contributor to volatile rates – and usually makes rates worse after periods of low rates.

In April, an estimated 290,000 jobs were created and, in May, economists think more than a half-million people re-entered the workforce.  This is good for the economy, of course, but can drag on mortgage rates.  If job growth even comes close to the 500,000 marker, mortgage rates could zoom higher.

Mortgage rates moved higher last week but are still very low. If you’ve been thinking about refinancing your mortgage, you haven’t missed the window – but don’t wait for rates to get lower – they most likely won’t.

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