The first week of every month gets a little exciting as we wait for the unemployment numbers to come out for the previous month. The Friday report can sometimes really affect interest rates, other times, there isn't a change. Until the report comes out on Friday morning, no one really knows what will happen.
This week is the same – everyone is waiting to see if the trend of the last two months continues or if we see numbers improve – or at least come in where investors expect them to be. December's numbers really surprised a lot of people. When January's numbers were in line with December, investors started to wonder if they would continue with February's numbers.
If the numbers are close to what is expected, we may see rates increase that day. If they are better than expected, I would expect interest rates to jump quickly on Friday. However if the numbers are lower, we may see rates drop. How's that for the unknown?!!
The other piece that has been affecting the mortgage market this week is the uncertainty in Ukraine. As that continues to unfold, we see the market reacting to the news. When there is uncertainty in the markets due to the unknown like the Russia/Ukraine situation, investors tend to put their money in "safe" havens such as the US treasury and that will help to keep rates lower. As the situation looks to get resolved, investors pull their money from the treasury bonds and that will push rates up.
If you would like a mortgage quote, contact me and I'll be glad to get you the information you need. I always tell my clients that we never know for sure what is going to happen, the only thing we can tell you is that this is the rate right now! Rates are subject to change daily and sometimes more than once a day.