Mortgage rates closed higher on Friday following stronger than expected employment news. June’s Employment Report revealed a couple of big surprises in the headline readings. First, the bad news was the 224,000 new payrolls that greatly exceeded forecasts of 160,000 jobs. This figure is taking center stage as it is strong enough that many analysts now have removed the possibility of a Fed rate cut at this month’s FOMC meeting.
A bit of good news came from the 0.1% increase in the unemployment rate that was expected to hold at 3.6%. Very good news came in the average hourly earnings increase of only 0.2%, falling short of the 0.3% that was expected. Both of these headline numbers are good news for bonds and mortgage rates. However, the markets reacted mostly to the payroll number that blew past predictions and may have altered the Fed’s game plan with short term interest rates.
Today’s Most Prevalent Rates:
- · Conventional 30 year fixed rates currently priced at 3.875%.
- · Conventional 15 year fixed rates currently priced at 3.625%.
- · FHA & VA 30 year fixed rates currently priced at 3.75%.
- · Jumbo 30 year fixed rates currently priced at 4.00%.
- · MFA First Home Conv rates currently priced at 4.25%.
- · MFA Next Home Conv rates currently priced at 5.375%.
As always, please let me know if I can help pre-qualify any of your buyers or answer any mortgage related questions you may have.
Waylon Gentry
Branch Sales Manager I NMLS 492542
Bank of Albuquerque Mortgage
3900 Vassar DR NE I Albuquerque, NM 87107
505-828-3705 I Phone
505-417-8619 I Cell
505-855-7389 I Fax
wgentry@bokf.com I E-Mail
Linda DeVlieg Killman
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