Coming Soon
Follow us on YouTube to watch live!
Hold your breath... now exhale! That’s what it feels like with every major economic report—we hope each one doesn’t derail the progress toward lower interest rates.
The 30-year fixed-rate mortgage had a nice downward move today, getting below 6.75%.
There was a ton of anticipation about today’s release of the BLS (Bureau of Labor Statistics) jobs report. The job numbers have become a bigger driver of interest rates than inflation lately. The report didn’t have a huge impact on rates this time—good news for buyers and sellers looking for stability!
The BLS numbers are often hard to rely upon, and the underlying economy may not be as strong as it seems. This report showed 227,000 new jobs created, higher than expected.
But here’s the thing: the BLS report has two parts. The Business Survey gets all the headlines, but the Household Survey—which asks everyday people about their employment—often tells a different story. Instead of 227,000 new jobs from the Business Survey, the Household Survey showed job losses of 355,000 and a decline in the workforce by 193,000. Confusing, right?
Right now, Wall Street is treading water, waiting for clearer signs about where the economy is headed.
For homebuyers and sellers, this means mortgage rates will likely stay in the mid-6% range until at least April 2025. Buyers seem to be adjusting to these rates—mortgage purchase applications have increased nationally to their highest levels this year and even higher than late 2023.
Featuring:
The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.
Estimated Mortgage Payment is for exemplary purposes only. Contact a licensed loan officer for exact numbers and APR. Additional rates and terms may apply and are subject to change without notice. Loan scenario assumes a purchase price of Zillow's list price and a 10% down payment. Points and fees not included. Property tax, homeowners insurance, mortgage insurance, and HOA fees are approximate and may vary. Other fees may apply. Product displayed is a conventional 30-year fixed rate mortgage using the current average rate as shown on Mortgage News Daily (mortgagenewsdaily.com).
Estimated Qualifying Income assumes a homebuyer has a FICO score above 740, no other credit debt, and a debt-to-income (DTI) ratio of 43%.
For exact numbers and APR or to run a loan scenario based on your own credit and income, contact our office at (858) 259-8700.
Rate Source: Mortgage News Daily. Rates displayed are approximate, subject to change, and do not necessarily reflect rates available to you. MND’s methods involve an objective component based on lenders' raw prices as well as a subjective impression from their network of originators. For more information about how these rates are calculated, visit www.mortgagenewsdaily.com/mortgage-rates/about.
Mortgage News Daily (MND) is a trademark of Brown House Media, Inc. Zillow is a trademark of Zillow, Inc. CrossCountry Mortgage has not been authorized, sponsored, or otherwise approved by Brown House Media, Inc. or Zillow, Inc.
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call (858) 259-8700 for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the federal government. CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loans. By refinancing, the existing loan total finance charges may be higher over the life of the loan.
