A shift in Wall Street sentiment caused mortgage markets to worsen last week. Fears of a double-dip recession are easing.
Mortgage rates worsened 3 days in a row last week for the first time since late-April.
When Chairman Bernanke talks, markets listen. His comments about the U.S. economy helped fuel a late-Friday surge in mortgage rates last week.
This week, it’s unlikely that the Refi Boom will meet its end, but that doesn’t mean you should wait for rates to fall further. Mortgage rates tend to change quickly and without notice, and should rates rise, you may find that you’ve missed the market bottom.
Non-Farm Payrolls hits the wires Friday at 8:30 AM ET. Markets are expecting a 75,000 net loss of jobs last month. If the actual number is higher, mortgage rates should rise. If the actual number is lower, mortgage rates should fall.
Mortgage rates in California rose last week, but only slightly. Rate are still hovering near their lowest levels of all-time.
Inland Empire California mortgage rates are artificially low right now so even the slightest jolt could cause them to spike upward. It would be similar to what happened in June 2009 when rates rose 1.125% in just 10 days’ time. Therefore, if you’re shopping for a mortgage and like the rate you’ve been quoted, consider locking in as soon as possible.