Mortgage Weekly Update - Last Week in Review - Loan rates unchanged to lower
Foster Weeks publishes a weekly mortgage update which is updated every Monday morning....Last Friday brought the monthly Jobs Report, capping off a wild week of twists and turns brought by a fat economic news calendar. And despite the ups and downs during the week, Bonds gained back enough yardage overall to find home loan rates unchanged to improved by .125%. The highly anticipated Jobs Report showed 111,000 new jobs were formed in January - and while this was below expectations of 150,000, revisions to the prior two months added another 80,000 jobs to previously reported numbers! So if you take the average revised gain of 40,000 jobs per month and add it to January...it would place the number right in line with expectations, and matching the healthy average monthly job growth of around 150,000 seen over the past year.
Last Wednesday, it was no surprise when the Fed decided to keep the Fed Funds Rate unchanged at 5.25% - but indicated that they are continuing to keep a vigilant eye on inflation, and will raise rates further if inflation picks up any steam. And how timely...just following the Fed Meeting came their favorite gauge of inflation, the Personal Consumption Expenditure Index, which indicated that inflation looks to be moderating. So hindsight appears to be 20/20, and the Fed likely made the right move in remaining patient with the US economy...
- Foster Weeks
posted by SFResidence.com @ 7:35 AM
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