Mortgage rates improved a bit last week.
Between Monday to Thursday, Wall Street focused on the upcoming jobs reports and mortgage rates drifted lower while traders jockeyed for position. But, then, after a better-than-expected Non-Farm Payrolls report Friday morning, mortgage rates reversed.
Overall, mortgage rates dropped last week, but only by a small margin. Rates were best Thursday afternoon.
It was the 2nd consecutive week in which mortgage rates fell.
If you’re shopping for a home or a refinance, though, don’t rest on your laurels. After Friday’s big sell-off, this week opens into a major headwind and, the Fed’s support for mortgage markets ends in just 3 weeks.
Not much data to move rates significantly this week. Consumer Confidence numbers released on Tuesday and Retail Sales on Friday. Beyond that, there’s not much else.
After last week’s performance, conforming mortgage rates in South Carolina may be poised to rise rather sharply. If you’re waiting for the right time to lock your rate, it may have been this past Thursday. Consider locking your rate early this week to protect against further rate hikes.
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