Todays Mortgage Rates:
30 Yr Fixed – 4.875% (1 point) / 5.125% (0 points)
15 Yr Fixed – 4.25% (1 point) / 4.5% (0 points)
5 yr ARM – 3.5% (1 point) / 3.75% (0 points)
7 yr ARM – 3.875% (1 point) / 4.25% (0 points)
FHA – 4.875% (1 point) / 5% (0 points)
Investment – 5.125% (1 point) / 5.375% (0 points) – at least 25% down payment required
*Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA) *Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply
This week brings us new employment numbers…and a chance to see if the labor market is showing signs of recovery. The employment news begins Wednesday with the ADP National Employment Report. Sandwiched between that report and Friday’s Jobs Report, is the Initial Jobless Claims report on Thursday.
The big news comes on Friday, when the all-important Jobs Report will be released. Last month’s report underscored the struggling labor market, as the Labor Department reported 263,000 jobs lost in September and an increase in the unemployment rate to 9.8%. The report due out this week is expected to show 166,000 jobs lost in October, which would be significantly better than the previous month if it happens. However, the Unemployment Rate is expected to continue its climb to 9.9%.
In addition to employment news, we’ll also see the ISM Index on Monday. This is the king of all manufacturing indices and is considered the single best snapshot of the factory sector.
Finally, the Federal Open Market Committee (FOMC) holds its two-day meeting this week, with an announcement of the Fed Rate Decision and Policy Statement due on Wednesday at 2:15 p.m. (ET).
Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.