Mortgage Rates Higher Despite Slower Job Growth

Mortgage Rates

NEW Susan Gregory Footer

from mortgagenewsdaily.com

Mortgage Rates were modestly higher at the end of last week, despite a weaker-than-expected Employment Situation (aka NFP, nonfarm payrolls, or simply “the jobs report”).  NFP is the most important number on any given month in terms of market-moving economic data. When NFP is lower than expected, rates tend to move lower.  Even though today’s NFP didn’t fall too terribly short of forecasts, rates nonetheless made a counterintuitive move higher, confirming the generally pessimistic attitude in the bond market at the moment.

The modest increase in rates means we continue to operate at the highest levels in more than 3 months.  Most lenders than had been quoting 3.375% on conventional 30yr fixed scenarios are now up to 3.5%.  Many have moved up from 3.5 to 3.625%.  

While there are some early signs that a ceiling could be forming, it doesn’t make much sense to float in this environment.  That will continue to be the case until we see either a big push back toward lower rates, or an extended period (5-10 days at least) of stability at current levels.

Some of the latest, local mortgage rates according to Bankrate.com are:

Bank Rate
Regions 3.526%
Wilson Bank & Trust 3.645%
Pinnacle 3.647%
Citizens Bank 3.650%
First South 3.518%

 

 

* The above mortgage loan information is provided to, or obtained by, Bankrate. The rate is based on 30 year fixed rate mortgage and a loan of $300,000. Rates change often an your personal rate may differ from the above number based on your qualifications. To see more rates from Bankrate, click here.

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