Can you believe the delayed, skewed jobs report? The business survey shows 204,000 new jobs…
Mortgage bonds kicked off the week a bit higher today, while stocks seem to be struggling. We expect this trend to hold up for the rest of the day, as there are no reports or Treasury Notes scheduled to be released that could impact how everyone is trading. However, the rest of the week is set to be loaded with new data that will give everyone a good idea as to how the economy is holding up, starting with the Retail Sales report that comes out tomorrow.
How these reports will impact the market is anyone’s guess, but if they are as strong as they have been in previous months, we suspect mortgage bonds will take a hit. Hopefully, this will be counteracted by the weakness in stocks and the lack of notes. The Treasury does not plan on offering any notes or bonds this week. Rates should remain fairly stable this afternoon, however, as always be prepared to lock.
August 12, 2013 our updated mortgage rates in Florida are:
- 30 Year Fixed Rate Mortgage – 4.125% (4.318% APR)
- 15 Year Fixed Rate Mortgage – 3.125% (3.516% APR)
Bonds are struggling to break through the 50-day average moving level. This could be a good sign, as a break above this point could equate into significant gains for the market. Don’t get your hopes up yet, but keep your eyes open. Of course, significant gains in the market (and the economy in general) could mean that inflation, which has remained somewhat stagnated for several years) could be on the rise again, which could affect our rate sheets and pricing on a level commiserate with the tapering in the fall. Not something most of us want to hear! We’ll let you know what’s going on as pricing and sales reports are released throughout the week.
Check back tomorrow to get the newest rate updates!