Mortgage rates are unchanged again this morning.
There’s not much going on in the interest rate markets. Maybe this is the calm before the all-important jobs report storm?
The second leg of this week’s employments reports showed that the number of people filing for jobless claims declined by slightly more than expected last week. The question analysts have is whether the decline is credited to people finding work or giving up looking because of dull prospects? We should learn more tomorrow when the Bureau of Labor Statistics releases the jobs report for January. The markets are currently expecting an unemployment rate of 8.5% (the real unemployment rate is probably closer to 15%) and 170,000 new jobs created in the private sector.
Greece has yet to reach an agreement with creditors to lighten the ailing county’s debt load. The markets should not be surprised. European officials have been promising swift reforms for 2 years and yet major risks continue to hang over the continent. Investors in Spanish debt showed confidence, however, earlier today when demand for a bond auction exceeded expectations.
Mortgage rates continue to hover at all-time lows. I continue to recommend locking in. How much better can rates get versus how much higher could they rise if the Greeks strike a deal?
Current Outlook: locking