RE/MAX of Greensboro & PartnersRE/MAX of Greensboro & Partners

Triad Real Estate: Greensboro, High Point, Kernersville, Winston Salem

RE/MAX Partners: 336.854.2400
RE/MAX of Greensboro: 336.854.0500
My Account Login | Register
  • Menu
  • Home
  • Search Homes For Sale
  • Home Valuation
  • Meet Our Agents
  • the Blog
  • Join RE/MAX
  • Contact Us

What’s Ahead For Mortgage Rates This Week : October 9, 2012

Rates rising on economyMortgage markets worsened last week for the first time in a month as the U.S. economy showed signs of improvement, and the Eurozone stepped closer to launching its $500 billion euro rescue fund.

Conforming mortgage rates in North Carolina rose last week on the whole — even though Freddie Mac’s Primary Mortgage Market Survey proclaimed that they fell. 

This occurred because Freddie Mac’s weekly mortgage rate survey is conducted between Monday and Tuesday each week and, last week, mortgage rates were lower when the week began. Through Wednesday, Thursday and Friday, however, they rose.

According to the Freddie Mac survey, the average 30-year fixed rate mortgage slipped to 3.36 percent nationwide last week, while the 15-year fixed rate mortgage fell to 2.69 percent. Both rates required 0.6 discount points and both marked all-time lows.

As this week begins, to gain access to the same 3.36% and 2.69% mortgage rates from last week, Greensboro mortgage applicants should expect to pay more closing costs and/or higher discount points.

Improving U.S. employment data is partially to blame.

Friday morning, the Bureau of Labor Statistics released its September Non-Farm Payrolls report. More commonly called “the jobs report”, the monthly issuance details changes in U.S. employment by sector and reports on the national Unemployment Rate.

In September, accounting for upward revisions to data from July and August, 200,000 net new jobs were created — far exceeding Wall Street’s estimates for 120,000 net new jobs created. Furthermore, the Unemployment Rate unexpectedly dropped to 7.8%.

Jobs are considered a keystone in the U.S. economic recovery. As a result, when the jobs numbers hit Friday, mortgage rates worsened, building on momentum built earlier in the week as Greece moved steps closer to accepting aid from the Eurozone.

In general, since 2010, weakness in the Eurozone has helped push U.S. mortgage rates lower. As Europe regains its footing, therefore, domestic mortgage rates are expected to rise.

This week, in a holiday-shortened week, there will be little new data to move mortgage rates. The Federal Reserve’s Beige Book is released Wednesday and some key inflation data is due for Friday release. Beyond that, mortgage rates will continue to take cues from the Eurozone.

Mortgage rates remain near all-time lows.

Related

Posted in: Mortgage Rates Tagged: Eurozone, Greece, Non-Farm Payrolls

Quick Home Search

Post navigation

« Fed Minutes Detail QE3 Discussion; Mortgage Rates Down
103 Metro Areas On The “Improving” U.S. Markets List »

My Account Login

Recent Blog Posts

Home Buyer Guide - Winter 2021

Home Buyer Guide - Winter 2021 Are You Thinking About Buying a Home? The process of buying a home can be overwhelming at times, but you don’t need to go through it alone. You may be wondering … Continue reading...

If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as … Continue reading...

As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to … Continue reading...

There are plenty of good reasons you might be ready to move. No matter your motivations, before you list your current house, you need to consider where you’ll go next. … Continue reading...

Search The Blog

Search for:

News, Tips & Advice

  • Around The Home (272)
  • Baby Boomers (9)
  • Buying Myths (110)
  • Chapter 7 Bankruptcy (1)
  • Consumer Tips (1)
  • Credit Scoring (1)
  • Demographics (24)
  • Distressed Properties (24)
  • Down Payments (45)
  • Federal Reserve (29)
  • FHFA (2)
  • Financial Crisis (1)
  • Financial Reports (135)
  • First Time Home Buyers (278)
  • For Buyers (516)
  • For Sellers (415)
  • Foreclosure (1)
  • Foreclosures (29)
  • FSBOs (19)
  • Gen Z (11)
  • Generation X (5)
  • Giving Back (3)
  • Happy Thanksgiving (1)
  • Holidays (12)
  • Home Building Tips (5)
  • Home Buyer Tips (198)
  • Home Buying Tips (1)
  • Home Care (3)
  • Home Decorating (2)
  • Home Financing Tips (4)
  • Home Maintenance (1)
  • Home Mortgage (3)
  • Home Mortgage Tips (134)
  • Home Ownership (2)
  • Home Seller Tips (162)
  • Home Selling Tips (27)
  • Home Tips (1)
  • Home Values (6)
  • Homebuyer Tips (6)
  • Homeowner Tips (7)
  • Housing Analysis (184)
  • Housing Market (18)
  • Housing Market Updates (369)
  • Infographics (134)
  • Interest Rates (145)
  • Investment Properties (1)
  • Just For Fun (2)
  • Luxury Market (12)
  • Market Outlook (148)
  • Millennials (20)
  • Mortagage Tips (5)
  • Mortgage (87)
  • Mortgage Guidelines (19)
  • Mortgage Rates (150)
  • Mortgage Tips (11)
  • Move-Up Buyers (306)
  • New Construction (30)
  • News (81)
  • Personal Finance (26)
  • Pricing (210)
  • Rankings (2)
  • RE/MAX Buyer & Seller Tips (1)
  • RE/MAX of Greensboro (17)
  • Real Estate (309)
  • Real Estate 101 (10)
  • Real Estate Definitions (3)
  • Real Estate Tips (43)
  • Real Estate Trends (2)
  • Rent vs. Buy (50)
  • Selling Myths (76)
  • Selling Your Home (1)
  • Senior Market (8)
  • Short Sales (4)
  • Statistics (2)
  • Taxes (3)
  • The Economy (20)
  • Time-sensitive (15)
  • Uncategorized (13)

Home Buyer Tips

Looking For A Major Lifestyle Change? Consider Buying A ‘Micro’ Home

With the cost of a home on the rise and the concept of being sustainable becoming more popular, many people are considering moving to a smaller home to minimize their impact. It’s important, however, to consider what living small is really like before deciding that it’s the right move for you.

Around The Home

The Basic Home Security Checklist Every Home Needs

Did you realize that only around 17 percent of the homes in the United States have a security system? Leaving your residence unprotected can come back to haunt you in the future.

Home Seller Tips

Selling Your Home FHA? Learn These Tips To Ensure A Smooth Closing

Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property. While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.

© 2023 · Greensboro Real Estate Inc. dba RE/MAX of Greensboro & RE/MAX Partners

Terms of Use | Privacy Policy | *Affiliated Business Notice

Each Office Independently Owned and Operated.
Greensboro Real Estate Inc Supports Equal Housing Opportunity

RE/MAX of Greensboro BBB Business Review