Earlier this morning, the Labor Department U.S. unemployment rate fell for the fifth straight month in January, moving down to 8.3%, the lowest level since February 2009. 243,000 jobs were added to the economy during the last month as well.
The market was surprised by these numbers, which were much more healthy than expected. Expectations were an unemployment rate of 8.5% and 155,000 new jobs added.
How Does This Affect Mortgage Rates?
This report is the latest in a trend indicating the economy is on the mend. As the economy becomes stronger, we will likely see rates and home prices go higher and today is no exception as mortgage rates have gone up today.
Since we’ve put in a good number of weeks at or around all time historical lows, we’ve put in a bottom of sorts. The longer we stay near this bottom, the more it becomes a place of support, from a technical point of view.
Should I Lock My Rate Now? Where Is the Market Going Next?
We don’t know where the market will go next, but there are a lot of signs indicating that we’re moving higher. This can change though depending on the time of day and what is going on with the US Economy and can even be affected by news coming out of Europe.
We can give you realtime rate quote updates, simply call us or request a fast rate quote. Additionally, we can give you free advice on what loan options exist and we can also put together a strategy financing your existing or new home that will give you the lowest payment possible.