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.