A disappointing jobs report was released this morning. Expectations were than the US economy would add about 140,000 jobs in August but the number came in at 96.000. The immediate market reaction to that unpleasant news was a increase in buying of mortgage backed securities and treasury bonds as investors sought safe havens for their money. Upticks in purchases of treasury bonds and mortgage backed securities inevitably lead to mortgage interest rates dropping.
So while indications that the US economy is still faltering is not good news at all, it has at least had the positive effect of keeping downward pressure on mortgage interest rates for now. Of course there is no telling how long this current trend will last so if you are interested in seeing if a government-backed refinance programs can help your family contact us in the form in the sidebar today. With any luck we can help direct you to a program that will make a positive difference for your household.