The Bond Rally Continues:
After yesterday's Fed announcement Mortgage Backed Securities continued a rally that started earlier in the week and that rally continued today. Mortgage Backed Securities are at their recent high heading into tomorrow's job's report. Today's economic data helped fuel today's buying spree; weekly jobless claims increased dramatically, the Chicago PMI came in weaker than expected and Employment Wages declined from last months reading.
Mortgage Rates Improve:
A day before the all important BLS Employment report mortgage rates improved to levels seen earlier in the month. Both 30 year fixed mortgage rates and 15 year fixed mortgage rates outperformed other mortgage rate terms. Will they continue to improve? That's a tough call. Currently they're right at their recent lows and for mortgage rates to push much lower there is going have to be some significant buying in the Mortgage Backed Securities market. Tomorrow's the job's report; that just might be the trigger we need!
Tomorrow's Jobs Report:
It's always a big day for mortgage rates when we have the monthly employment data from BLS. The unemployment rate gets all the news coverage however Mortgage Backed Securities focus on wages earned and number of jobs created. In particular; we'll be watching what happens with California mortgage rates after the data is released.
JB Mortgage Capital, Inc.:
We believe industry low mortage rates and top notch customer service can coexist. If you're looking to purchase a home or refinance a current mortgage please be sure to contact us directly for a no-cost/no-obligation quote. Request a low rate mortgage quote today.
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