Mortgage rates showed some improvement today after the jobs report came in weaker than expected.
Markets are continuing to watch inflation, oil prices, and the Fed for clues about where mortgage rates may head next.
This week, employment reports showed signs that hiring may be slowing. Oil prices also moved higher yesterday as uncertainty returned in the Middle East.
Earlier in the week, lower oil prices and hopes for easing tensions had helped mortgage rates. Overall, rates moved as markets reacted to jobs, oil prices, and global developments.
What This Means
The softer employment data was encouraging for mortgage rates. However, mortgage rates may continue to move as markets watch oil prices, the Fed, and new economic reports.
Slower job growth could take some pressure off the Fed, but more economic data will be needed to see if that trend continues.
Looking Ahead
Inflation will be the focus next week. The Consumer Price Index and Producer Price Index will give markets another look at inflation and could have the biggest impact on mortgage rates. Retail sales will also show how consumers are spending.
Miguel Terrazas
Mortgage Planner/Planificador Hipotecario // NMLS #227518
