Economic Recovery? Thanks to Strong Jobs Report, 30- and 15-Year Mortgage Rates Are Up Says Zillow

Economists were pleasantly surprised last week after a glowing jobs report that has lead to surging 30- and 15-year fixed mortgage rates. The 30-year fixed rate is up from 4.17 percent to 4.41 percent, and the 15-year fixed rate is up to 3.41 percent from 3.38. That’s the word from Zillow’s Mortgage Marketplace, at least:

“Rates surged on Friday after a stronger-than-expected jobs report and upward revisions to prior months’ unemployment levels,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, rate movement will depend on whether Wednesday’s release of the Federal Open Market Committee meeting minutes and Fed Chairman Ben Bernanke’s speech reinforce or depress market expectations of a September start of easing federal stimulus.”

So, are we officially in recovery mode after two years of ridiculously low, economy stimulating interest rates? I think so. What’s your verdict? Are we getting back on our feet?