Philadelphia Mortgage Update

Here’s the latest mortgage update from Jason Griesser of Trident Mortgage:

Interest rates have clung onto the historical low points we’ve seen the last few weeks. I use the word “clung” because yesterday there was a jobs report that came in much more positive than expected. This news put pressure on interest rates and may push them higher next week if more positive economic news continues. The jobs creation side of the economy has been the most talked about, outside of our very own housing industry, as the key to firming up our economic recovery. The moment markets saw that higher than expected jobs being created they moved money out of the safer investments in bonds and into the stock market as the hope for added jobs will spark spending and further investment. It is amazing how linked the modern day economy is and how one bit of news in one industry affects all of us. So while we all hope for positive news and a full economic recovery sooner than later – as this happens it will move interest rates higher. Another reason why we have been advising clients to lock their interest rates!

Strengthening economy = higher interest rates.  Buyers and Sellers should keep a close eye on the economic reports coming out.

Jason F. Griesser, CMB
Sr. Mortgage Consultant
Trident Mortgage Company, Lp
NMLS#137179
Ph: 215-440-2073
Fx: 610-650-5611
[email protected]