Welcome to the traditional start of summer!

WEEKLY MORTGAGE UPDATE
 
The two big news items for this week are the Dept. of Labor’s Non-Farm Payrolls report, and the European Central Bank’s (ECB) meeting on Thursday. The ECB is expected to start their own round of “quantitative easing,” which may help mortgage rates improve here at home.
Bottom Line for Mortgages:
Rates improved throughout last week, but a weaker-than-expected Gross Domestic Product reading and a jump in personal expenditures inflation caused rates to worsen at the end of the week. The GDP report for the 1st Quarter actually showed the U.S. economy shrinking by 1 percent, which is not positive news.

As it is, rates are near 7-month lows to start the week.

 
 
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s