Mortgage Rate Update March 6, 2014

Posted on by Evan in Rate Update, Swanson Home Loans Blog - Mortgage Rate Updates and More

Mortgage rates worsened on Tuesday after it seemed that the tension in Ukraine had eased. Today, although military action seems unlikely the political situation is definitely uncertain. The Crimean government announced earlier today that it would hold a referendum on whether or not the region would secede from Ukraine and join the Russian Federation. As long as uncertainty persists mortgage rates should remain relatively low.

With all the attention on the Ukraine-Russia conflict this week we’ve lost focus on the economic indicators. It is jobs week and yesterday the private payroll provider released their version of the monthly jobs report. It showed only 139,000 new jobs created which was below expectations.

TOMORROW WE'LL SEE IF THE WEATHER HAD AN IMPACT ON JOB CREATION IN MARCH.
TOMORROW WE’LL SEE IF THE WEATHER HAD AN IMPACT ON JOB CREATION IN FEBRUARY.

However, this morning’s read on jobless claims showed fewer than expected Americans filing for unemployment benefits. So if the jobs market getting any better?

Tomorrow the all-important jobs report is scheduled for release. The market is currently expecting about 150,000 new jobs created last month. Given the weather and recent weakness in other economic reports it seems unlikely that this report will exceed expectations. Therefore, I will recommend floating into tomorrow’s jobs report.

Current Outlook: floating