Can you believe the delayed, skewed jobs report? The business survey shows 204,000 new jobs…
Finally released, the September jobs report turned out to be a big disappointment. Even though, markets seem to be happy with the results.
The Labor Department reported that 148,000 jobs were added in September which was way below the 183,000 forecast. The Labor Force Participation rate, the number of people looking for work, remained unchanged. The unemployment rate dropped to 7.2% which is the lowest since November 2008.
Both stocks and MBS are higher today. Why? Because with a less than exciting jobs report, investors expect that there will be no talk of tapering by the Feds at their next meeting scheduled for October 29 and 30. As long as the Feds keep buying Treasuries and MBS, investors can continue to pour their funds into stocks.
A disappointing jobs report and no tapering should also equal better pricing for mortgage rates. Mortgage rates continue to remain low, but favorable re-pricing is possible as MBS prices continue to climb higher today.
Florida Mortgage Rates October 22, 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!