Mortgage Rates Move Even Deeper Into 3% Territory After Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates moved decisively lower today following a much weaker-than-expected reading on new job creation in a key report from the Department of Labor. The payroll count in the big jobs report fell to 75k in May compared to a median forecast of 185k. The previous two months were also revised moderately lower. Taken together the update on jobs calls into question the strongest and most resilient component of the current economic expansion in the US. This is important for two reasons. First, a strong economy is better able to support higher rates (more people working = more people able to make higher payments). Second, one of the Fed's mandates is "full employment." If this drop in the job count precedes an increase in unemployment, it adds to the already growing case for a Fed rate cut this...(read more)

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