Mortgage Rates November 4, 2013
It’s a new month with new challenges coming up towards the end of the week when the October jobs report is released, although the outlook for job numbers doesn’t look for too good which will probably be better for MBS prices.
Estimates for the October’s jobs are expected to be around 100,000 added which is much lower than September. It is also expected that the unemployment rate will increase slightly. Even though there has been improvement in the labor market over the past 5 years, the Labor Force Participation Rate, which measures the health of the labor market, is at a 35 year low - that’s a lot of people giving up on looking for work.
The Feds are again speaking; St. Louis Fed President Bullard stated that while there is improvement in the labor market, inflation is running below the 2% Fed target. As long as inflation remains below the target, the Feds have the go ahead to continue to purchase bonds.
Stocks are flat; MBS prices are up today which means there is the possibility for re-pricing to lower rates. Current Florida mortgage rates remain unchanged.
Mortgage Rates November 4, 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!
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