Today's Mortgage Rate Update For 2/1/2013 Will Rates Spike Up?

Real Estate Agent with Premier Agent Network

I hope that everyone has a prosperous February!  I'm wondering how long this low interest rates will be around.

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The Day Ahead: Plenty of Data  
Jobs growth for January fell short of expectations but continued at a moderate pace. However, The unemployment rate reversed course a bit, rising to 7.9 percent in January from 7.8 percent the month before. Analysts expected a 7.7 percent unemployment rate. Nonfarm Payroll jobs in January continued to grow at a moderate pace, advancing 157,000, following a gain of 196,000 in December (originally up 155,000) and an increase of 247,000 in November (previously up 161,000). The net revisions for November and December were up 156,000. The market median projection was for a 175,000 rise for January. Consumer Sentiment has really picked up the last two weeks, at 73.8 for the final January reading vs 71.3 at mid-month. The reading implies that sentiment is a bit over 75 right now which is off from the low 80s in October and November but is otherwise back in trend. Growth is now appearing in the ISM Manufacturing Index with the PMI at 53.1 for the best rate of monthly growth since May. Growth is very convincing with all five components of the composite over 50. Construction posted a nice gain in December as Construction Spending jumped 0.9 percent, following a revised rise of 0.1 percent in November (originally down 0.3 percent). Analysts forecast a 0.8 percent boost.
Dow is trading at 13,998+140.02, the 10 yr bond is at 1.96 from 2.00 Yesterday, . Currently mortgages are slightly better from Yesterday
Conv. - 3.5%
FHA. -  3.25%          
Have a Super Super Bowl Weekend!
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