Brian Hatkoff

Hatkoff Real Estate Investments | Chatsworth, CA

  • Home
  • About Us
    • homesbybrianh
    • hatkoffinvestments
    • Privacy Policy
  • Blog
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
  • Testimonials
  • Contact Us

What’s Ahead For Mortgage Rates This Week – April 7, 2014

April 7, 2014 by Brian Hatkoff

What's Ahead For Mortgage Rates This Week - April 7, 2014Last week’s economic news included readings on February construction spending and multiple reports on employment data.

Private sector employment was higher in March, but The Bureau of Labor Statistics reported that Non-Farm Payrolls for March fell short of expectations. According to Freddie Mac, mortgage rates ticked upward.

Employment And Unemployment News

ADP’s payrolls report for March was higher than February’s reading, with 191,000 new private sector jobs added. In February, 178,000 jobs were added. February’s reading originally showed 138, 000 new jobs added.

While analysts were confident that private-sector employment was showing signs of stability, the U.S. Bureau of Labor Statistics swamped excess confidence in labor markets Friday with its March reading for Non-Farm Payrolls.

192,000 jobs were added in March against predictions of 200,000 jobs added and February’s reading of 197,000 jobs added.

The news was not all bad as job gains for January and February were revised upward. January’s job gains were revised from 129,000 to 144,000 and February’s reading was revised from 175,000 to 197,000 jobs added. The revised readings represent a total of 37,000 more jobs added.

As data impacted by severe winter weather “shakes out,” it would not be surprising to see a revision to March’s new jobless claims reading as well.

Unemployment Rate Holds Steady, Workforce Numbers Higher

While readings on employment have been up and down in recent months, the national unemployment rate has held relatively steady, with last week’s reading at 6.70 percent. 503,000 workers joined the workforce this increased the labor participation rate for March from 63 percent to 63.20 percent.

Mortgage rates were incrementally higher last week according to Freddie Mac. The average rate for a 30-year fixed rate mortgage increased by one basis point to 4.41 percent; discount points moved from 0.60 percent to 0.70 percent.

The average rate for a 15-year fixed rate mortgage rose by five basis points to 3.47 percent with discount points unchanged at 0.60 percent. 5/1 adjustable rate mortgages had an average rate of 3.12 percent, which was two basis points higher than the previous week. Discount points for 5/1 adjustable rate mortgages were unchanged at 0.50 percent.

This Week’s Economic News Highlights

Job openings for February, FOMC minutes and the University of Michigan consumer sentiment index for March are set for release this week. As usual, Freddie Mac will post results of its latest Primary Mortgage Market Survey and weekly unemployment claims will also be reported.

Filed Under: Uncategorized Tagged With: Housing Analysis, Housing Market, Mortgage Rates

Brian Hatkoff

Brian J. Hatkoff
CCIM, CRS

Hatkoff Investments
Professional, Experienced, Reliable

Give Me a Call! 818.701.7789

BRE # 00644374

Want Us to Contact You?

  • This field is for validation purposes and should be left unchanged.

Connect with Me

Categories

Recent Articles

  • Six Key Reasons You’ll Want to Work With a Real Estate Agent When Pricing Your Home
  • White Lies That Could Make It Harder To Buy A Home
  • Expecting a Newborn? Baby-proof Your Home With This Quick and Easy Checklist
  • An Overview Of A Wrap-Around Mortgage: What To Know
  • What’s Ahead For Mortgage Rates This Week – March 20, 2023

Resources

  • Buyer Info
  • Featured Homes
  • Property Search

Our Location

Hatkoff Investments

19836 Mayall St.
Chatsworth, CA 91311
Office: 818-701-7789
Mobile: 818-701-7789

Copyright © 2023 · Powered by MySMARTblog