Mortgage rates are unchanged this morning.
We finally have some economic data to mull over this morning. Weekly jobless claims were reported to be slightly softer than was expected. Bad news for the economy is good news for mortgage rates.
With the pace of the economic recovery growing more and more uncertain many analysts have revised their forecast for the yield on the 10-year Treasury note lower. Since mortgage rates and 10-year Treasury yields tend to move in sync this means that we’re likely to see 30 year fixed mortgage rates below the 5.00% (APR: 5.11%) throughout the year. If the economy can generate some jobs then the housing market appears ripe for a modest rebound.
So long as there is uncertainty regarding the health of the recovery there doesn’t seem to be a compelling reason to lock.
Current Outlook: Float