|What Happened to Rates Last Week?|
Mortgage backed securities (FNMA 2.500 MBS) lost -77 basis points (BPS) from last Friday's close which caused fixed mortgage rates to move slightly higher from the prior week but closed the week at the second lowest rates in history.
Jobs, Jobs, Jobs: It was Big Jobs Friday last week! You can read the official Bureau of Labor and Statistics report here.
The above 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.
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.