Mortgage Rate Update May 3, 2012

Posted on by Evan in Rate Update

Mortgage rates are unchanged today.

After a disappointing jobs report out yesterday the markets are feeling better this morning on a better than expected weekly jobless claims.  The report showed that the number of people filing for unemployment benefits fell to the lowest level in a month.

Tomorrow we’ll get to see another highly anticipated monthly jobs report from the Bureau of Labor Statistics.  Mortgage rates fell back down to all-time low levels following last months report which showed that the number of news jobs created fell sharply.  Currently the markets are expecting around 160,000 new jobs for April.  A number north of that expectation would likely pressure rates higher and vice versa.

I expect the markets to trade sideways until then.  I still don’t see how mortgage rates can improve drastically from these levels so I will remain in a locking position.

Current Outlook: locking bias

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.