Mortgage rates are at all-time low levels today following Friday’s weaker than expected jobs report.
According to the Labor Department’s monthly release the US economy only added 80,000 jobs last month. Bad news for the economy is good news for mortgage rates.
The US and Europe are not the only regions suffering from the ongoing debt crisis. The Chinese government released figures which shows inflationary pressure easing in their economy. Although that may sound like good news for consumers it also signals a possible economic slowdown.
Speaking of US treasuries, there are $66 billion in new debt securities scheduled to be auctioned this week. Demand is expected to remain strong but if there is even a mediocre auction it may pressure rates higher.
Current Outlook: floating