Mortgage Rate News For Thursday April 4 2013

This week has been, up to Thursday, one of the most positive in the last several months. Mortgage rates went lower today than in some time. Though the “official” best execution rate remains where it’s been all week, some borrowers may find 3.5% for a 30-year fixed rate conventional loan possible depending on the lender and the circumstances.

Rates could be in for another drop tomorrow IF--and that’s a big if--the much anticipated Employment Situation Report has details favorable to another drop in mortgage loan rates. What would those favorable details be?

According to many industry professionals, bad news for the economy in tomorrow’s report (in the form of a weak or poor numbers related to the labor market) could translate into lower mortgage rates. If the job numbers are strong, this could exert upward pressure on mortgage loan rates.

Because of the market behavior from the last four days, that upward pressure MIGHT be negated somewhat assuming it happens at all. The Employment Situation Report could have worse-than-expected jobs data which would help or at least make conditions favorable for another day of lower mortgage loan rates.

Tomorrow is an important day to watch if you have not committed to a mortgage loan or refinance loan yet. The Employment Situation Report is poised to make an impact on rates one way or the other. Keep your eye on the market news tomorrow and see where things wind up.

Here are the mortgage loan rates for Thursday April 4, 2013. These rates are reported here as best-execution rates. That means ideal conditions are assumed including a well-qualified borrower and a participating lender.

30 year fixed rate conventional mortgages: 3.625% with 3.5% possible from some lenders
VA and FHA mortgages: 3.25% to 3.5%
15-year fixed rate mortgages: 2.875%
5 year ARMs: Between 2.625% and 3.25%

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