jobs: Lock Now? Friday's Job Report Expected To Push Mortgage Rates Up.
- 03/31/11 06:29 AM
Friday is a pivotal day for mortgage markets and conforming mortgage rates across Illinois. At 8:30 AM ET, the government will release its March Non-Farm Payrolls report. More commonly known as "the jobs report", the monthly Non-Farm Payrolls is a market-mover and home buyers would do well to pay attention. Depending on the report's strength, mortgage rates could rise, or fall, by a measurable amount tomorrow morning. It's because so much of the today's mortgage market is tied to the economy, and economic growth is dependant on job growth. With more job growth, there's more consumer spending and consumer spending accounts for … (0 comments)
jobs: What's Ahead For Mortgage Rates This Week : March 28, 2011
- 03/28/11 09:34 AM
Mortgage markets worsened last week as nuclear meltdown concerns eased across Japan, and the war within Libya moved closer to a potential finish. Wall Street voted with its dollars, and a return to risk-taking emerged. "Safe haven" buying softened last week and, as a result, conforming mortgage rates in Illinois made their biggest 1-week spike since late-January. Mortgage rates remain historically low, but well above their November 2010 lows. This week, rates could run higher again. Friday's jobs report is a major story and it will affect mortgage rates in Orland Park and across the country. Jobs are a key component … (0 comments)
jobs: What's Ahead For Mortgage Rates This Week : February 28, 2011
- 02/28/11 05:34 AM
Mortgage markets improved last week as Wall Street's concerns about the Middle East trumped its fears of inflation. Conforming and FHA mortgage rates in Illinois fell to a 3-week low. Last week marked the second straight week in which mortgage rates fell, a streak that follows four straight weeks of climbing mortgage rates. It's been a bout of good fortune for rate shoppers and home buyers. In addition, according to Freddie Mac's weekly mortgage rate survey, the average spread between conforming 30-year fixed rate mortgages and 5-year ARMs has widened further. The two benchmark products are now separated by 1.15%. It's … (0 comments)
jobs: What's Ahead For Mortgage Rates This Week : January 31, 2011
- 01/31/11 03:21 AM
Mortgage markets improved this week as positive economic data was overshadowed by geopolitical strife. A flight-to-quality drove buy-side activity in mortgage bond markets, which, in turn, helped conforming rates fall across the state of Illinois. Last week marks the first time this year that mortgage rates fell on a week-over-week basis, and considering why rates fell, it points to the fragile nature of the global economy. By all accounts, last week showed that the U.S. economy is in recovery. Housing data rises to its best levels in 8 months (LA Times) Consumer sentiment hit a 7-month high (NPR) Business investment increased … (0 comments)
jobs: December's Job Report : Good For Home Affordability
- 01/07/11 02:35 AM
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report. More commonly called "the jobs report", the government's data include raw employment figures and the Unemployment Rate. The jobs report hit the wires at 8:30 AM ET today. It's making big waves in the mortgage market and may help home affordability for buyers in Chicago this weekend, and would-be refinancers across Illinois. For this month, and for the rest of 2011, employment data will figure big in mortgage markets. 7 million jobs were lost in 2008 and 2009. Fewer than one million jobs were … (2 comments)
jobs: What's Ahead For Mortgage Rates This Week : January 3, 2011
- 01/04/11 03:20 AM
Mortgage markets improved last week during a snow- and holiday-thinned series of sessions on Wall Street. Mortgage bonds improved on year-end profit-taking, mostly, leading conforming mortgage rates in Illinois lower. Last week marked the first calendar week in which mortgage rates dropped since early-November, a pleasing development for rate shoppers and home buyers. Falling rates means lower monthly mortgage payments. But don't expect for rates to improve again this week, however. Last week's gains were the result of extremely low trading volume and a close-out of 2010 mortgage bond positions. With markets re-opened for 2011, and Wall Street back at full volume, … (0 comments)
jobs: What's Ahead For Mortgage Rates This Week : December 27, 2010
- 12/28/10 03:38 AM
Mortgage markets worsened again last week as the holiday-shortened sessions did little to buck recent momentum. Although Freddie Mac reported mortgage rates dropping 0.02% from the week prior, loan officers on the street will report the opposite. Rates did not fall last week. Conforming mortgage rates in Illinois moved higher for 7th straight week. For rate shoppers and home buyers, it's been a harrowing two months. Since the Federal Reserve announced its QE2 program November 3, 2010, mortgage rates have moved from all-time lows to 7-month highs. Mortgage payments now cost $38 more per month per $100,000 borrowed as compared … (1 comments)
jobs: Mortgage Rates Rapidly Rising On Jobs Data; More Risk Ahead For Friday
- 12/02/10 05:03 AM
Mortgage rates are rising, up nearly 1 percent since mid-October. Tomorrow, rates could rise again. The Bureau of Labor Statistics releases the November jobs report at 8:30 A.M. ET Friday. With a stronger-than-expected reading, mortgage rates should continue their climb, harming home affordability across Illinois and nationwide. And already, Wall Street is bracing for big results. Here's why. Wednesday, payroll processor ADP said that 98,000 private-sector jobs were created in November. The figure was a complete blowout reading as compared to analyst estimates, which had the results in the 50,000 range. But that wasn't all. ADP re-measured and re-reported October's gains, … (0 comments)
jobs: What's Ahead For Mortgage Rates This Week : November 8, 2010
- 11/08/10 02:33 AM
Mortgage markets took a roller coaster ride last week, powered by the dual-force of the Federal Open Market Committee, and the government's monthly Non-Farm Payrolls report. As standalone events, both releases would have ranked among the top market movers of the year anyway, but throw in the rest of the week's data --including the release of key inflation figures and the midterm elections -- and it's no wonder the bond markets were so bumpy. Huge gains and losses characterized day-to-day trading last week. Overall, however, conforming mortgage rates in Illinois improved; fixed-rate mortgage rates fell slightly less than adjustable-rate ones. Recapping … (0 comments)
jobs: Today's Jobs Report Will Keep Mortgage Rates Highly Volatile
- 11/05/10 07:26 AM
Mortgage rates have been falling since April, shedding more than 1 percentage point since the Refi Boom began. Today, that momentum could lose some steam. The Bureau of Labor Statistics releases the October jobs report at 8:30 A.M. ET. With a stronger-than-expected reading, mortgage rates should rise, harming home affordability in Illinois and nationwide. As cited by the Fed earlier this week, jobs are a key part of economic growth and growth affects mortgage rates. Looking back at jobs, starting in January 2010, after close to 24 consecutive months of job loss, the economy added jobs for the first time since … (1 comments)
jobs: What's Ahead For Mortgage Rates This Week : October 12, 2010
- 10/12/10 04:18 AM
Mortgage markets improved last week on mixed messages about the economy, and a growing belief that the government will move to stimulate the economy. Conforming mortgage rates in Illinois eased lower. According to Freddie Mac's weekly mortgage market survey, average mortgage rates nationwide fell to new all-time lows last week. On the other side of that point, however, is that the accompanying "points" for today's low rates have climbed to their highest levels of 2010. In other words, mortgage rates are down, but closing costs are up. There were two main stories driving mortgage rates last week. The first was the … (0 comments)
jobs: Jobs Data Shows Private Sector Growth, Hints At Lower Mortgage Rates
- 10/08/10 03:42 AM
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report from the month prior. This month, though, because the first Friday of the month was also the first day of the month, the report was delayed one week. The report hit the wires at 8:30 AM ET this morning. More commonly called "the jobs report", the government's non-farm payrolls data influences stock and bond markets, and, in the process, swings a big stick with home affordability figures in Oak Lawn and nationwide. Especially in today's economic climate. Although the recession has been deemed over, … (0 comments)
jobs: August 2010 Jobs Report Pushes Mortgage Rates Higher
- 09/03/10 05:12 AM
On the first Friday of each month, the Bureau of Labor Statistics releases Non-Farm Payrolls data for the month prior. The data is more commonly called "the jobs report" and it's a major factor in setting mortgage rates for residents of Illinois and homeowners everywhere. Especially today, considering the economy. This is because, although it's believed that the recession of 2009 is over, there's emerging talk of new recession starting. Support for the argument is mixed: Job growth has been slow, but planned layoffs touch a 10-year low Consumer confidence is down, but beating expectations Consumer spending is weak, but not … (0 comments)
jobs: Nervous About Mortgage Rates Rising? Lock Thursday -- Ahead Of Friday's Jobs Report
- 08/05/10 04:09 AM
Mortgage rates have been falling since April but that momentum could reverse tomorrow. The Bureau of Labor Statistics releases the July jobs report at 8:30 A.M. ET Friday. With a stronger-than-expected reading, mortgage rates should rise, harming home affordability in Illinois. Jobs are a keystone in economic growth and growth is tied to rates. Earlier this year, job growth went positive and reached as far north as 431,000 jobs created in May. That figure slipped negative last month, however, as the temporary, decennial census workers left the workforce. Jobs matter to the U.S. economy. Among other concerns, unemployed Americans spend less … (1 comments)
Do you know what causes mortgage to rise and fall each day? Everyday I post relevant articles and stats that directly influence the direction of mortgage rates. I also will feature relevant real estate news that can educate you about the market. Have a question or a topic you would like me to cover? Feel free to comment!
Friday is a pivotal day for mortgage markets and conforming mortgage rates across Illinois. At 8:30 AM ET, the government will release its March Non-Farm Payrolls report.
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