Denver Mortgage Rates Report by RJ Baxter First Mortgage Corp
Denver Mortgage Rates were volatile last week, but ultimately ended the week at almost the same level as they began.
The most important report of the week was the employment report late in the week. The Nonfarm payroll change for the month of February was reported lower than expectations, at 36,000 jobs lost. Positive economic news, especially better-than-expected employment numbers, has a negative effect on Denver Mortgage Rates, pushing rates up.
However, overall unemployment was reported worse than expected at 9.8%. Looking deeper at this number, the real rate of unemployment is estimated to be around 16.8%, higher than the expected 16.5%. This number includes both discouraged job-seekers and people who have accepted part-time work, but would rather work full time. Because of the higher unemployment numbers, the negative effect on Denver Mortgage Rates was contained last week.
This week presents a light economic calendar, so I expect Denver Mortgage Rates to be much less volatile.
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RJ Baxter First Mortgage Corp
Branch Manager
303-670-0137 (direct)
27902 Meadow Drive, Suite 120
Evergreen, Colorado 80439
