Mortgage Rate Update July 5, 2011

Mortgage rates are unchanged this morning.

Last week concerns eased over Europe’s debt problems after Greece passed austerity measures necessary to receive further bailout funds.  The optimism helped push US stocks to the highest weekly gain in 2 years and pushed mortgage rates higher by .25%.

are there any jobs out there?

With Greece’s debt problems temporarily resolved attention will focus back on the US economy for now.  This week is employment week with the ADP report due out tomorrow, initial jobless claims on Thursday, and the all-important Bureau of Labor Statistics jobs report on Friday.  Expectations are for modest job growth so any sign of strength in the jobs market would likely pressure rates higher while further weakness will likely help rates remain at current levels.

Predicting jobs numbers is a guessing game so I will remain in a neutral position.

Current Outlook:  neutral

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