Rate Update April 2, 2010
Mortgage rates are worse this morning.
Mortgage rates are now at the highest levels since August of 2009 on the heels of a jobs report which showed significant gains in employment. This morning’s monthly jobs report from the Bureau of Labor Statistics showed that the US economy created 162,000 jobs in the month of March. This is the largest job growth since March of 2007.
Good news for the economy is bad news for mortgage rates and that is holding true this morning.
Looking ahead to next week the US treasury is scheduled to deliver $74 billion in note and bond supply which could put further pressure on rates.
I’ve been in a locking position now for weeks so this shouldn’t have caught too many readers off guard. The clear trajectory of interest rates is up. I do expect some stabilization at this level.
Current outlook: neutral
Posted: April 2nd, 2010 under Rate Update.
Tags: april 2 2010 lock or float my rate, april 2 2010 MBS, april 2 2010 mortgage rate advice, april 2 2010 mortgage rate report, april 2 2010 mortgage rates, april 2 2010 outlook on rates