Mortgage rates have increased slightly over the last couple of weeks as investors try to anticipate when the Federal Reserve will start to increase rates. The Fed held their monthly meeting last week and announced that interest rates will increase once the economy and employment improves. April’s employment numbers will be announced on Friday and this could provide some evidence regarding the strength of the economy. It was a big surprise last month when the March figures were released and the number of new jobs created were considerably less than projected with the weather being blamed as having a significant impact. Many are expecting 225,000 net new jobs were created in April with the jobless rate at 5.4% or lower when released on Friday. If this happens, expect rates to increase slightly. Rates remain near historic lows which is great news for our buyers.
About Cathy Robin
Cathy Robin is with American Mortgage & Equity Consultants, Inc., License # 336090. She may be reached at: 952-449-7144.