Mortgage Rates Cheer Gloomy Jobs Report

Mortgage Rates shot rapidly lower this week, with almost all of the movement taking place on Friday after the horribly weak jobs report. Nonfarm Payrolls came in at 38k vs a median forecast of 164k, one of the biggest misses in the history of the report. This particular piece of data has a ton of historical impact on mortgage rates and today's was no exception. That's saying something considering payroll growth hasn't much been on our radar recently (it's been boringly strong and stable). But this report was weak enough to get markets' attention The average conventional 30yr fixed rate dropped by roughly an eighth of a point, leaving the most prevalent quote at 3.625% on top tier scenarios vs last week's 3.75%. We're now back to the lower end of the longer term range, and these have tended

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