What are the hopes for the short term in interest rates for your hopes in a more successful refinance?
In a daily report yesterday, Moving.com said, “Current forecasts call for a 0.3% increase in the unemployment rate, pushing it to 7.0%. Analysts are expecting to see a drop in payrolls in the neighborhood of 500,000 with earnings rising 0.2%. If we see weaker than expected results, mortgage rates should improve tomorrow. However, stronger than expected readings will likely push mortgage rates higher.” This would mean that if the reports showed a worse than expected figure, we would see rates possibly fall even lower for the hopes of that next best rate in your refinance or purchase.
How did the employment report turn out today?CNBC report that the U.S. private-sector employers shed 693,000 jobs in December, a private employment service said Wednesday in a report that was far worse than expected and pointed to more ugly news from the government’s jobs data due later this week. The drop, much bigger than the revised 476,000 private sector jobs lost in November, is consistent with about a 670,000 fall in December non-farm payrolls, said Joel Prakken, chairman of Macroeconomic Advisers, which jointly develops the private sector employment report with ADP Employer Services. After the ADP report, U.S. Treasury bonds regained some lost ground, the dollar extended its losses against the euro and the yen and U.S. stock futures slid.
What were the results for mortgage rates today or what is to hope for?
Rates came out this morning pretty much unchanged, because typically the changes take half a day or better to have their affect. So we’ll either see the affect as a mid day pricing change today, or hopefully Monday.