Can you believe the delayed, skewed jobs report? The business survey shows 204,000 new jobs…
Hello November! Florida mortgage rates have been the best compared to September. What a way to start a month with MBS on the up and down.
The ISM Index (Institute for Supply Management) rose to 56.4 and was the highest since April 2011 and above what investors expected. Any reading above 50 is supposed to indicate growth. This is another report that shows the government shutdown didn’t have much of an impact on manufacturing.
Fed members are talking now and its making bond markets jittery. According to Philadelphia Fed President Charles Plosser, he and other Fed members are concerned about the consequences and risks with the current monetary policy as the Feds continue to delay some tough decisions. Another Fed member, Jeffrey Lacker, said that the labor force has seen a significant improvement since the beginning of QE3.
Next week brings the October jobs report which is not expected to be anything special. If this is true, it means that QE will probably continue into next year. If economic conditions continue to be weak, inflation down and the labor market slow, QE3 just might stay in place for a good part of 2014.
Stocks are up, but not by that much. MBS are slightly down today and re-pricing for the worse mortgage rates is possible.
Florida Mortgage Rates November 1, 2013:
30 Year Fixed Rate Mortgage – 3.875% (4.051% APR)
15 Year Fixed Rate Mortgage – 2.875% (3.215% APR)
Check back tomorrow to get the newest rate updates!