Seattle Mortgage Rates Today 10/3/12
Seattle Mortgage Rates Today 10/3/12: “Will the Jobs Report affect mortgage rates?” Preceded by Friday’s Jobs Report, the ADP Report reflects private sector job growth. According to the ADP, private sector jobs came in at 162,000—almost 30,000 above the expected 133,000. We shall take that information with a grain of salt. Why? For the past several months, the ADP Reports have overstated the Jobs Report’s number by tens of thousands and every month numbers have been revised lower. However, that does not mean we shouldn’t pay any attention to them. The US economy continues its sluggish course to recovery—jobs are being created but not at the pace required to move ahead.
“Well, what should I do?” Mortgage Bonds are at their all-time highs and rates continue to be historically low and stable; as we have seen every month, the market quickly reacts to the Jobs Report. Knee-jerk volatility cannot be controlled and given the circumstances, this is the time to lock your rate. Locking before the release of the Jobs Report may be in your favor. Obviously, there is an opportunity that prices can rise and rates move slightly lower. Unless you are willing to take a gamble, there is no reason to wait.