Mortgage Rate Update June 10, 2013

Mortgage note rates start the week unchanged but the accompanying closing costs are slightly higher so overall pricing as declined since last Thursday.

Friday’s much anticipated all-important jobs report came in line with expectations.  The results showed that 175,000 jobs were added in the US economy during the month of May.  Some on Wall Street must have been expecting a weaker release because the Dow Jones Industrial Average rallied by over 200 points on Friday which weighed on mortgage rates.

This week the economic calendar is fairly quiet until we get to Thursday-Friday when we get a look at retails sales and the Producer Price Index (PPI).  The US Treasury will also be auctioning off 7-year notes and 30-year bonds which will make it tough for rates to improve.

With a light economic calendar mortgage rates will likely look at stocks and technical trading patterns for direction.  The technical outlook is not very favorable so I am going to switch to a locking bias.

Current Outlook: locking