Mortgage rates are mostly unchanged from last week.
Despite a stronger than expected monthly jobs report on Friday mortgage rates remain near 2014 lows. In case you missed it the release showed that the US economy created 248,000 new jobs in September and the unemployment rate fell to 5.9% (from 6.1%).
Normally a better than expected jobs report causes mortgage rates to worsen but in this instance they did not. This is probably because there remains significant concern over the pace of global economic growth (see HERE) and because inflation in the US economy is very tepid.
The economic calendar for this week is extremely light. From a technical perspective mortgage-backed bond prices are trading near the best levels of the year meaning mortgage rates are near the best levels of the year. At this point mortgage applicants have more to lose than to gain so I am going to recommend a locking position.
Current Outlook: locking bias