1/8/10 Mortgage Market Week-in-Review
January 10, 2010
What Did Interest Rates Do This Week?
** based on Freddie Mac weekly average survey **
30-yr Fixed - Slightly Lower
This Week: 5.09%
Last Week: 5.14%
1yr Ago: 5.01%
15-yr Fixed - Slightly Lower
This Week: 4.50%
Last Week: 4.54%
1yr Ago: 4.62%
Jumbo Fixed (Average 30-yr Fixed)
This Week: 5.875%
Last Week: 5.895%
Highlight of This Week's Major Economic Reports
The first economic news of the year gave us the final significant results of 2009 - the December employment report. We all had hoped the end of the year would see no job losses, which would boost our spirits about an end to the "employment slump," but it appears the job market remains in a still-fragile - but improving - state. The latest report from the Commerce Department showed that 85,000 more jobs were lost than were created last month. Although this figure was higher than the 8,000 loss economists were predicting, it still represents the lowest job loss rate we've seen in many, many months. Furthermore, it reinforces the belief/expectation that we'll be seeing positive job growth before too long.
What to Look for Next Week
Inflation will take center stage, as well as the latest Fed survey of regional economic conditions. No major surprises expected, so mortgage rates should hold steady.
Short-Term Rate Outlook
Relatively Unchanged
** based on Freddie Mac weekly average survey **
30-yr Fixed - Slightly Lower
This Week: 5.09%
Last Week: 5.14%
1yr Ago: 5.01%
15-yr Fixed - Slightly Lower
This Week: 4.50%
Last Week: 4.54%
1yr Ago: 4.62%
Jumbo Fixed (Average 30-yr Fixed)
This Week: 5.875%
Last Week: 5.895%
Highlight of This Week's Major Economic Reports
The first economic news of the year gave us the final significant results of 2009 - the December employment report. We all had hoped the end of the year would see no job losses, which would boost our spirits about an end to the "employment slump," but it appears the job market remains in a still-fragile - but improving - state. The latest report from the Commerce Department showed that 85,000 more jobs were lost than were created last month. Although this figure was higher than the 8,000 loss economists were predicting, it still represents the lowest job loss rate we've seen in many, many months. Furthermore, it reinforces the belief/expectation that we'll be seeing positive job growth before too long.
What to Look for Next Week
Inflation will take center stage, as well as the latest Fed survey of regional economic conditions. No major surprises expected, so mortgage rates should hold steady.
Short-Term Rate Outlook
Relatively Unchanged