Employment Picture Continues to Help Housing:
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The national Unemployment Rate surprised forecasters by dipping below the important 9.0% mark.  The Unemployment Rate in February dropped to 8.9% and continued its downward trend from our peak levels which occurred just after our last recession.
Of particular note is the Non-Farm Private Payroll data which showed an increase of 192,000. This is very important for housing.  The housing mantra used to be “location, location, location”.

But now it is “jobs, jobs, jobs”.  Simply put, the lower the Unemployment Rate – the greater demand there is for housing.

What Happened to Rates Last Week:
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Mortgage backed securities (MBS) gained +7 basis points from Monday’s open to Friday’s close which helped to move mortgage rates down slightly. Mortgage Backed Securities sold off in the middle of the week, causing mortgage rates to rise, on much stronger than expected economic data. However, in the end – it was all about oil prices as MBS sold off on Friday on concerns that higher gas prices would dampen our economic recovery.

What to Watch Out For This Week:
The following are the major economic reports that will hit the market this week.  They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages.  I will be watching these reports closely for you and let you know if there are any big surprises.

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It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets.  Just leave it to me, I monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon. 

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Vince Reece
Senior Loan Officer
Office: 303-840-0966
Cell: 303-818-0699
19519 E Parker Square Dr
Parker, CO 80134