Mortgage News Daily has reported that mortgages rates moved convincingly lower this week following a weaker-than-expected Jobs report. A conventional 30 year fixed rate is now in a transitional territory between 3.875% and 4.0%, with the latter still constituting the best bang for the buck.
The Employment Situation Report showed a MUCH-weaker-than expected labor market with only 120k new jobs created versus expectations of just over 200k.
Generally speaking, news that’s negative for the economy is good for mortgage rates. If job growth is strong, it hearkens further economic improvements, and a stronger economy can support higher interest rates.
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