Florida Mortgage markets improved a little bit last week on the whole, but closed out the week down a good amount from the better of things last week.
Last Wednesday, Florida home loan rates reached an 8-week low, but this was only for a brief time. Soon after, mortgage loan rates began to climb and remained moving upward clear through Friday’s closing.
Those shopping for a Florida mortgage rate suffered, realizing a 0.250 percent rise in home loan rates — costing them approximately$32 per month per every $200,000 borrowed.
All told, however - the U.S. jobs report presented the biggest story of last week. This report showed the US Unemployment Rate climbing to 9.7 percent with a loss of 216,000 jobs nationwide.
Neither figure was a surprise, really – but Wall Street had anticipated a stronger job numbers showing. As a rule, investors prefer to see strength in housing and employment. For now, they’re only getting the former. As such – so long as the U.S. economic future is unclear, mortgage rates will remain unpredictable.
Stories to Follow This Week:
- The Fed’s regional economic summary releases Wednesday. Strength should drive rates up. Weakness should lower them.
- Gas prices are easing, a positive for the economy (and negative for rates) as the Holiday Shopping Season nears
- Two consumer confidence polls are released this week. Confidence can lead to spending, a spur for the economy.
Whenever we receive scant financial data, mortgage rates tend to trade on trends.
If you’re shopping for a Florida mortgage, watch for developing patterns, and be ready to lock at a moment’s notice should home loan rates begin to rise. Remember, mortgage loan rates tend to worsen with more speed than at they improve.
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
No related posts.
