How will the jobs numbers impact mortgage rates?admin
Currently, Utah 30 year fixed-rate mortgage rates are coming in around 4.14% which is significantly lower than the 4.85% high and not much higher than the low of 4.08%. For most home buyers, this may be a good time to consider getting a free rate quote to see what rates you may qualify for.
Back in March, we reported that 10 year treasury notes were trading at about 2.790%. This had been a significant gain and reflected the largest gain since early in December. However, 10 year treasury notes are currently yielding 2.538% another dip. It is widely expected if Treasury Secretary Janet Yellen indicates any change in her current position of leaving interest rates low until mid-2015, that these rates could increase even further.
Job numbers and their impact
Last week’s better-than-expected job numbers did not have as much impact on mortgage rates as originally anticipated. In fact, last week rates remained pretty stable when everything was taken into consideration. Going forward however there is a really good chance we will continue to see rates increase if the job numbers continue to improve.
What is the Federal Reserve doing?
The Federal Reserve has been cutting back their quantitative easing program at the rate of about $10 billion per quarter. Currently, the plan is to completely eliminate the bond buying program by the end of October. Most people believe that at that time we will see a slight increase in overall mortgage interest rates.
How will these factors impact rates?
Assuming that consumer confidence continues to improve, the job numbers continue to improve and the Fed goes forward with eliminating the quantitative easing in October, it is highly likely that as the fall progresses we will see interest rates increase.
For those who are considering purchasing their first home, the time to start shopping for a mortgage may be now. In fact, chances are we will not likely see mortgage interest rates this low if the overall economic news continues to be positive.
Whether you are considering buying a home or you are considering refinancing, you can take advantage of these rates by requesting today’s mortgage interest rates and finding out whether this is the time to consider making the most of lower rates while they are still available.