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Mortgage rates continue to fall in the first month of 2014

Weaker economic news drives interest rates to 3-month lows.  Will we continue to see rates fall into February?  January’s Non Farm Payroll report is due out February 7, and 174k jobs are forecast to be added  and the unemployment rate is expected to hold at 6.7%.  Last month’s disappointing 74k number for 

December  has given direction to rates as of late, and be assured that January’s number will do the same for February.

Bottom line is, even if we believe that low rates will help the real estate market, a strong jobs report will help us even more….Jobs drive housing, NOT rates….

John McClellan

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