Great day to secure a rate

Mortgage bonds continued their climb higher yesterday and are up this morning as well.  Today’s boost came from the release of the ADP Job Report
for the month of March.  It was reported by ADP that 189,000 new jobs were created.  This was far below the markets’ expectations of 230,000. 
This is good news for mortgage interest rates and also a sign that Friday’s Bureau of Labor Statistics Jobs Report will be below expectations as well. 
Since the BLS report is widely considered to be the most accurate reflection of job growth, Friday’s report will be far more impactful to the direction
of mortgage rates.  If the report is below expectations, we will likely see continued improvement in interest rates.


Corporate earning reporting season is coming up.  This can create additional volatility within the markets.  While small local businesses have
been performing exceptionally well, international companies have felt the sting of a stronger dollar.  When a US company sells goods and serviced
abroad, they are impacted by variations in the strength of the US dollar relative to the currency in which they are conducting business.  As the
US dollar strengthens, it makes it more expensive for other currencies to buy our products.  When price comparing, it makes it more difficult
to sell US goods and services.  Therefore, international sales will likely be weaker, which could reflect in corporate earnings.  Weaker
reports will lead to lower stock prices, which may help improve mortgage interest rates.  


Mortgage bonds are once again in the middle of a wide range.  The direction of rates will likely be determined by Friday’s BLS report.  While
there is currently no rush to lock, consider that there is risk in floating into Friday’s report.  If you don’t have the stomach to risk the potential
volatility, now is a great day to secure a mortgage interest rate.

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