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Mortgage Rates Are Up Slightly

Posted on Sunday, February 03, 2013

Here is the mortgage report for Naples, Florida from Kelly Rebimbus at Sunbelt Lending

Job gains in Jan were a little less than thought but upward revisions in Nov and Dec and belief that Feb employment will likely see upward revisions for today’s job growth. Overall the job markets are looking better each month, other than the unemployment rate.

Unemployment rate increases from 7.8% to 7.9% but that only indicates more people are just dropping out of looking for a job. Other reports today showed manufacturing grew in January at the fastest pace in nine months and spending on construction projects climbed more than forecast in December.

The Labor Department today also issued its annual benchmark update, which aligned employment data spanning April 2011 to March 2012 with corporate tax records. The revision showed payrolls grew by an additional 424,000 workers, on an unadjusted basis, in that period. Combined with the updates for November and December, the revisions put payroll employment at the end of 2012 at 134.7 million workers, 647,000 higher than previously estimated. The U.S. has recovered 5.51 million of the 8.74 million jobs that were lost as a result of the last recession.

Next week; a few data points but not like this week. Should see the high level of volatility continue. Stocks still overdue for a retracement from a technical perspective and the bond market also ready to improve a little. When we do see improvements in the rate markets they will not amount to much, particularly after Fridays better than expected employment report. Today’s data brings back the question about when the Fed will find it necessary to withdraw from the easing policy. It isn’t likely soon but continuing improving economic data will increase concerns the Fed will begin withdrawing sooner than what was thought just two days ago based on the FOMC policy statement. With the US, EU, and Japan burning up their printing presses with new money and the economic outlook appearing to look better, inflation concerns are also on the increase now. Again, we don’t see it in the next six or 12 months, however markets are not likely to wait to see it before defending against it with increasing rotation out of fixed income investments.

There has been some mis-information being disseminated within the mortgage industry regarding the Fed’s QE and when the Fed will begin to exit. The Fed has put no limit or specifics on its easing exit, whenever it occurs. What the Fed is saying is that it will keep the FF rate at zero to 0.25% until the unemployment rate falls to 6.5%; it has nothing to do with the $85B a month of MBS and long dated treasury buying.

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No legal, investment, or tax advice is being given in this Blog.  Consult with legal, financial and tax professionals before acting on any real estate transaction.  Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to real estate for sale on the website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921
Facebook: NaplesBestAddresses