Friday was a rough day for the bond market and mortgage rates which rose by 1/8th of a %. A much stronger than expected employment report was the major catalyst for the move. In January the U.S. economy created a higher than forecast 257,000 jobs while the previous 2 months data was also revised upward by 147,000 renewing fears of earlier Fed rate hikes. Conforming no point 30 year fixed mortgage rates now average 3 3/4ths with 15 year rates closer to 3%. And now for something completely different. Here is a good one: The Emperor penguin can dive to a depth of 1,850 feet. That’s deeper than the operational range of most naval submarines!
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.