Mortgage rates recovered today, moving sideways to slightly lower after losing ground over the past few days. Today’s focal point was the Employment Situation–the big “jobs report” for the month of April. Job creation ended up slightly stronger than expected (211k new jobs created versus a median forecast of 185k). Stronger jobs data typically puts upward pressure on mortgage rates, but in today’s case, there were some mitigating factors. The biggest mitigating factor is that rates have simply been moving in a very narrow range, and all the ups/downs we’ve been discussing in recent weeks aren’t tremendously consequential for the average borrower. Beyond that, 211k vs 185k isn’t a very big “beat” (+26k). Moreover, the last report was revised from 98k to 79k–a 19k drop, almost fully offsetting
Mortgage Rates Slightly Lower After Jobs Report
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