Mortgage Rates are flat to slightly worse since last week. Today the Non-Farm Payroll numbers came in about as expected. The number came in at 315k jobs which is a substantial decrease from last month. Hourly wages and avg work week both fell and unemployment jumped due to the an increase in the labor force. The Federal Reserve has repeatedly said it would like to see its policies having a negative impact on the jobs market before considering progress in the fight against inflation. Bonds sold off quickly after the data. Excess selling in the bond market results in rates moving higher, all other things being equal. The market is trying to find bottom at least in the short term.
Bottom Line: with significant market volatility, I continue to recommend clients LOCK as soon as escrow opens.
SOURCE & AUTHOR |
Keith Murphy Branch Manager – Essex Mortgage NMLS #330827