Mortgage rates ticked upward for fixed rate loans and were unchanged for 5/1 adjustable rate mortgages according to Freddie Mac. Weekly jobless claims were lower in spite of slower job growth reports.
Last week’s housing related news was lean, with no scheduled reports released other than Freddie Mac’s primary mortgage market survey. We’ll start with some good news…
Last week’s economic news largely concerned the Federal Reserve’s FOMC meeting statement and a post-meeting conference given by Fed Chair Janet Yellen. The FOMC statement indicated that the Fed continued its wind-down of Treasury and mortgage-backed securities and that its purchases are expected to cease after the next FOMC meeting.
Mortgage rates worsened last week amid evidence of an improving economy.
Mortgage rates rose last week as investors gained confidence in the global economy
Mortgage rates rose last week nationwide during a week of sparse economic news.
For Thursday and Friday, expect jobs data to dictate where mortgage rates are headed.