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Mortgage Rate Update for the Week Ending November 2, 2012

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US Elections 2012This morning saw the release of Bureau of Labor Statistics (BLS) Non-Farm Payrolls report data showing that payroll employment increased by 171,000 in October, on the higher end of what the market was expecting. The unemployment rate was essentially unchanged at 7.9%.

Since every piece of economic data is scrutinized even more ahead of the election next week, this piece of data may be considered positive for the current administration, while the overall employment woes may favor candidates trying to upset the current administration.

What To Expect Next Week

There is very little data coming out next week and even if there was, it would likely be discounted as the market waits for the US election on Tuesday, November 6, 2012. It is likely that mortgage rates should be fairly calm heading into the elections, but that could change significantly after the elections. Once a President is chosen, there is a high chance of volatility as the markets react to the economic policies they believe the chosen President will bring to bear.

Economic Calendar for Week of November 5, 2012

  • Monday – ISM Non-Mfg Index
  • Tuesday – N/A
  • Wednesday – EIA Petroleum Status Report
  • Thursday – International Trade, Jobless Claims
  • Friday – Consumer Sentiment

Where Are Mortgage Rates Now?

Since mortgage rates can change many times per day, any rates we put here may be out of date by the time you read them. For an up to the minute rate quote, simply use the Fast Quote form at the top of the page or call us directly. We can answer any mortgage questions you have without obligation.

Related Information:
  1. 15 Year Fixed Mortgage Rate History in Charts
  2. A History Of US Mortgage Rates
  3. Ben Bernanke Gives Semiannual Monetary Policy Report to the Congress
  4. Bernanke Speaks: How Does This Affect Mortgage Rates?
  5. BrokerScience Disclosure

Trace Richardson has written 638 articles on BankChirp.com

I'm Trace Richardson and am the founder of LeadPress. I’m a licensed California Real Estate broker and a former equities trader previously holding the Series 7, 63, 55 and 24 securities licenses.

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