With financial markets closed for the long holiday weekend, it is hard to tell just how big of an impact this week's closing bond levels will affect mortgage rates going into the next week. However, what is clear is that despite the Jobs report showing better data than projected, mortgage rates did not go up as high as they may have had the potential to do.
That same article continues, "But the move was in the works for days--all part of the "new quarter" trading momentum as well as the increasing body of evidence supporting a stronger payrolls number. That evidence reached an apex yesterday with the big ADP beat. It's not that ADP = NFP, simply that it rounded out a collection of other June employment data, all pointing to--at the very least--a slightly stronger reading. That made for an outsized reaction to a report that's been getting less and less important in 2014. What we were really seeing was an attempt to get ahead of what then looked to be a forecast that was probably too low. Today's tame reaction proves that."
Blue Home Loans explains that for home loan borrowers looking for the best rates, probably the only thing to do now is to wait and see how Monday's rate sheets look like. The increasing trend has a good chance to continue in the weeks to come, but rate predictions can never be totally relied upon, so there is also a chance mortgage rates could go back down. Those who have a good risk tolerance might want to wait things out and see if rates actually do have a chance of going back down, while those who are risk averse, especially those with shorter lock periods, may wish to lock in their rates as soon as they can. One piece of advice for those who have not started their loan applications yet is that with the increase in home loan rates, finding the right home loan is even more important in order to save money no buying a home.
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Read the full story at http://www.prweb.com/releases/blue-home-loans/mortgage-rate-trends/prweb11997910.htm
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