From Matthew Graham at Mortgage News Daily: Mortgage Rates Drift Higher Ahead of Jobs Report
Mortgage Rates were slightly higher today, keeping them in line with the weakest levels in just over 5 months. “Weakness” is relative, however. Apart from the past 5 months, and a few months in 2012, today’s rates would rank among all-time lows. Day-to-day movement hasn’t been extreme for the past few days, with most lenders continuing to quote 3.625% on top tier conventional 30yr fixed scenarios, and merely making small adjustments to the upfront costs depending on market movement.
• At 8:30 AM ET, Employment Report for October. The consensus is for an increase of 178,000 non-farm payroll jobs added in October, up from the 156,000 non-farm payroll jobs added in September. The consensus is for the unemployment rate to decline to 4.9%.
• Also at 8:30 AM, Trade Balance report for September from the Census Bureau. The consensus is for the U.S. trade deficit to be at $38.9 billion in September from $40.7 billion in August.