Weekly Mortgage Update ~ Oct. 15

Let's Recap:
The 30 Year Fixed Rate Mortgage averaged 6.4%, up from 6.37% just last week.

The 15 Year Fixed Rate Mortgage averaged 6.06%, up from 6.03% just lat week.

The 1 Year Adjustable Rate Mortgage averaged 5.73%, up from 5.58% just last week.

Last week we said,

The effects of last Friday's employment report will most likely drive interest rates for the week ahead. It would be wise to monitor daily rates for signs of increase and I would also LOCK-IN your loans at application.

It appears our advice was correct. September's employment figures have indicated a greater strength in the economy causing interest rates to surge upwards. Here's what we saw:

- Economy added 110,000 new jobs

- The months of July and August were ultimately revised by a total of 188,000 jobs

The Fed:
The current Fed Funds Rate is 4.75%. The next scheduled Federal Open Market Committee (FOMC) meeting is scheduled for...

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