Rates trending lower for mortgages

Posted by Steve Dalton / Category:


Rates this Week : September 2, 2008

Tiffany Taylor

The jobs report can have a large impact on mortgage ratesFor the first time in 4 weeks, mortgage rates closing a week lower than where they opened it

Markets shrugged off uncertainty about Hurricane Gustav and chose to rally on the backs of strong economic data.

Overall, rates were down by about 0.125 percent, or $96 per year per $100,000 borrowed.

Markets were influenced by a handful of positive news last week -- two pieces of housing data gave markets reason to celebrate, as did an upbeat consumer confidence survey.

In addition, equally-important-but-less-well-known data from last week points to similar conclusions -- the U.S. economy may be on more solid footing than many people had believed.

This week, markets re-open Tuesday after being closed for Labor Day. Early in the week, there isn't much data for markets to digest so expect oil markets to take center stage.

Go to link above for all the stats that she relates.