Mortgage rates have continued to slowly trend upwards this week from the record lows of last week. This means that there is still a great opportunity to lock in these near record low rates before they make their final move up. If you lock in your rate, that is. That is a big if, because there is market data coming out tomorrow which may move the market in a way that pushes up mortgage rates significantly.
Non-Farm Payrolls Report Data on Friday May Push Mortgage Rates Up
Tomorrow at 8:30 AM Eastern, the market will be waiting and watching as the Non-Farm Payrolls report otherwise known as the “jobs report” or “employment report” is released for September. This report can have a significant impact on mortgage rates and includes data about the U.S. unemployment rate, number of new jobs added or lost during the month in addition to average hourly earnings. This data helps market participants such as investors, banks and traders understand the health of the employment sector and can have a huge impact on mortgage rates.
Weaker than expected data could be positive for mortgage rates, while stronger than expected data could mean much higher rates depending on how strong the data is.
Keep in mind that since we are at a bottom, mortgage rates have a lot more room to move upward and are expected to move upward fast when they do move. This means that if you do not have a rate lock in, now may be the time.
The Low Rate Window May Be Closing
Have questions about a rate locks or the right loan for your scenario and goals? We can help you answer any questions you have in addition to locking in a low rate so that you are not at the mercy of the market! Holding off on your rate lock may mean the reality of much higher rates later.
About The Author: Kenneth Le
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