Our mortgage rate predictions aren’t looking so good this week. We really thought that yesterday’s ADP report and tomorrow’s Non-Farm Payrolls account would be the market movers. They weren’t. Global fear turned out to be the main story, so far, this week.
Investors have pulled out of the stock market with the Dow now below 10,000 and at a 3-month low.
The FHA loan rate is back to 5% after ticking up yesterday, but many lenders did not re-price rates late in the day. Below 5% is a possibility when the market opens tomorrow.
However, the Non-Farm Payrolls report hits first thing. We’ll have an update tomorrow, but this report has the potential to help this rally challenge all-time lows or it could push rates back up significantly with a strong reading.
How’s that for a prediction? The market is so uncertain that we’ll try and report on it, not predict it.
Tags: FHA Interest Rate, FHA Loan Rate