The average top tier 30yr fixed rate may not be back under 7% just yet, but as of Friday, it is back below the levels seen last Friday.  That fact is at odds with major weekly rate surveys which showed a somewhat significant increase, but those surveys came out before today's jobs report. Officially known as The Employment Situation, the jobs report is one of the two most important pieces of scheduled monthly economic data in the U.S.  Econ data is always important, but that's doubly true these days as the Fed and the market waits for confirmation that economic growth and inflation are slowing down enough for the Fed to cut rates.   The market often moves well in advance of the Fed when it comes to rates.  Today's jobs report wasn't especially weak, but it represented an obvious downshift compared to last month's installment.  The bond market agreed as traders pushed yields moderately lower in the AM hours. Bonds dictate mortgage rates.  Falling yields coincide with falling mortgage rates.  Again, today's move wasn't big, but it was important in the sense that it leaves the door open for another major economic report to send an even clearer message about progress toward the Fed's rate cutting goals.  That report--the Consumer Price Index (CPI)--comes out next Thursday morning.

July 5, 2024 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jul 5, 2024 Mortgage Rates End Week Lower Thanks to Jobs Report Fri, Jul 5, 2024 4:21PM The average top tier 30yr fixed rate may not be back under 7% just yet, but as of Friday, it is back below the levels seen last Friday.  That fact is at odds with major weekly rate surveys which showed a somewhat significant increase, but those surveys came out before today's jobs report. Officially known as The Employment Situation, the jobs report is one of the two most important pieces of scheduled monthly economic data in the U.S.  Econ data is always important, but that's doubly true these days as the Fed and the market waits for confirmation that economic growth and inflation ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.07 -0.21   97.47 101.61 UMBS 30YR 6.0 102.38 -0.16   99.66 102.50 10 YR Treasury 4.083 +0.044   3.621 4.780 Stronger Start Thanks to Weaker Jobs Report Fri, Jul 5, 2024 11:24AM Today's playbook was fairly straightforward with bonds being likely to move in the direction suggested by the jobs report.  The only challenge would have been the presence of mixed messages (i.e. a big beat in the job count paired with a big miss in the unemployment rate).  While there was indeed a beat in the job count, it wasn't big.  It was... (read more) MBS Price Change UMBS 5.0 99.44 -0.34 UMBS 5.5 101.07 -0.21 UMBS 6.0 102.38 -0.16 GNMA 5.0 99.73 -0.34 GNMA 5.5 101.05 -0.14 GNMA 6.0 101.98 -0.20 Pricing as of: 9/9 6:25PM EST US Treasury Yield Change 2 YR Treasury 3.568 +0.080 5 YR Treasury 3.627 +0.065 7 YR Treasury 3.832 +0.064 10 YR Treasury 4.083 +0.044 30 YR Treasury 4.735 +0.044 Pricing as of: 9/9 6:25PM EST Other News AE Jobs, CU Patelco Ransomware Attack; Fed Primer; Jobs Data Nudges Rates Lower Fri, Jul 5, 2024 11:47AM Before the internet, everything worked fine without it, right? Just ask the members, whether they be depositors or borrowers, of credit union Patelco, the scene of the latest (known) hack attack. Yes, it is a good reminder for companies to continue to beef up their computer systems, and have a plan in place should something happen. It is also a reminder for ... (read more) Latest Video Fed 'most likely' to cut interest rates in September, says Goldman Sachs' J... Things are setting up for two rate cuts this year, says JPMorgan's David Ke... Market shows economy 'slowing, not breaking,' says Morgan Stanley's Andrew ... We are in a 'slowing' economy, says Wharton's Jeremy Siegel Around the Web Marketwatch U.S. economy and jobs market are showing cracks. Fed rate cuts are not far off. CNBC U.S. economy added 206,000 jobs in June, unemployment rate rises to 4.1% Calculated Risk Blog Comments on June Employment Report CNBC Here's where the jobs are for June in one chart Calculated Risk Blog Moody's: Apartment Vacancy Rate Unchanged in Q2; Office Vacancy Rate at New Record High CNBC How a 'softening' real estate market could help you score a lower price on a home Calculated Risk Blog ICE Mortgage Monitor: Existing Home Inventory Surges in Florida and Texas Marketwatch Fed minutes show no consensus on how many months of good inflation data needed to start cutting interest rates Calculated Risk Blog Realtor.com Reports Active Inventory Up 38.1% YoY CNBC Treasury yields little changed ahead of key jobs report CNBC Fed says it's not ready to cut rates until 'greater confidence' inflation is moving to 2% goal Calculated Risk Blog ISM Services Index Decreases to 48.8% in June Eye on Housing Share of One-Story New Homes Increased in 2023

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