Conforming 30-yr. rates rose this Monday from last Monday – from 4.375% to 4.75% (with one point). You may or may not have been tuned into last week’s STUNNING announcement that non-farm job losses were minimum – only 11,000 jobs were eliminated last month versus an expectation of 130,000 job losses. Although ANY job losses create angst, it seems we have hit the bottom rungs on the recession ladder, and we are able to look upward again. FYI, this jobs report is the BEST since December, 2007 (doesn’t that correlate well to what was happening in our real estate market?). This means that our economy is in a recovery mode and we should start to see the results in continuing new home purchases, as consumers gain confidence and want to shop again.
The rates, however, will probably continue to nudge up a little, as the Feds will soon begin to tighten their current mortgage-market friendly monetary policy strategies. Call us with questions, comments or just to say “HI”.
Ginger Sullivan, Anasazi Mortgage