Fast Mortgage Rate Quotes

Record Low Mortgage Rates Moving Up For Good?

Bookmark and Share

Mortgage rates have continued to slowly trend upwards this week from the record lows of last week. This means that there is still a great opportunity to lock in these near record low rates before they make their final move up. If you lock in your rate, that is. That is a big if, because there is market data coming out tomorrow which may move the market in a way that pushes up mortgage rates significantly.

Non-Farm Payrolls Report Data on Friday May Push Mortgage Rates Up

Tomorrow at 8:30 AM Eastern, the market will be waiting and watching as the Non-Farm Payrolls report otherwise known as the “jobs report” or “employment report” is released for September. This report can have a significant impact on mortgage rates and includes data about the U.S. unemployment rate, number of new jobs added or lost during the month in addition to average hourly earnings. This data helps market participants such as investors, banks and traders understand the health of the employment sector and can have a huge impact on mortgage rates.

Weaker than expected data could be positive for mortgage rates, while stronger than expected data could mean much higher rates depending on how strong the data is.

Keep in mind that since we are at a bottom, mortgage rates have a lot more room to move upward and are expected to move upward fast when they do move. This means that if you do not have a rate lock in, now may be the time.

The Low Rate Window May Be Closing

Have questions about a rate locks or the right loan for your scenario and goals? We can help you answer any questions you have in addition to locking in a low rate so that you are not at the mercy of the market! Holding off on your rate lock may mean the reality of much higher rates later.

Tags: ,

Related Information:
  1. A History Of US Mortgage Rates
  2. Adjustable Rate Mortgage Terms
  3. Economic Worries Translate Into Low Consumer Confidence and Low Mortgage Rates
  4. Fixed and Adjustable Rate Mortgage Basics
  5. Limited Opportunity: Mortgage Rates Setting All Time Record Lows

Derrick Evans has written 3114 articles on GI Home Loans

Contact the author

0 Responses to “Record Low Mortgage Rates Moving Up For Good?”

Comments are currently closed.
Mortgage Rates