Tag: mortgage rate update jan 7 2011

Mortgage rates are priced better this morning.

This morning’s jobs report showed that the private sector added 113,000 new jobs last month.  Although this figure is higher than most months in 2010 it still fell shy of expectations so is considered a disappointment.  Mortgage rates have improved on the release.

Fed Chairman Ben Bernanke just got done testifying to lawmakers on Capitol Hill.  In his prepared testimony he stated that he sees “increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold.”  However, later he stated “progress toward…maximum employment and stable prices is expected to remain slow.”

All in all the markets reaction is somewhat subdued thus far.  However, I will change my outlook to floating since the employment report failed to meet or beat expectations.

Current outlook: floating