Mortgage Rate Week Wrap February 6, 2009 – Got Job?

The first week of February brought us another sobering week of increased Mortgage Rates.  The FNMA 30 YR MBS (the vehicle Mortgage Rates are based off of) gave up .35bp.  This in return pushed Mortgage Rates higher across the board.

With an action packed week in Economic reports Fridays Employment figures topped off and confirm that the economy has now shed 3.6 million jobs since December 2007. In January alone 598,000 jobs were slashed.  The Unemployment Rate is now 7.6%. 

Many prognosticators myself included forecasted a positive rebound for rates, given the dismal report.  I and many others were wrong.

The looming possibility of inflation due to currently low borrowing rates and Stimulus Part II, could be the undisclosed culprit influencing the current stubbornness in rates. One would assume with the all the FED Monetary Policy tools, that we would be the recipients of stable low Mortgage Rates.     

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