Finally, some positive news for mortgage rates! Today was "NFP Day" as it is referred to. The Non-Farm Payroll report comes out, detailing the number of existing payrolls. The estimate for today's report was 164k, and it came in astoundingly low, at 38k. This news means that a June hike in rates is rather unlikely, given that Fed chair Yellen stated that the Fed really only needs 100k payrolls to make progress against inflation. Soon after the NFP release, bond markets rallied, and mortgage rates dropped across the board. Check back here on Monday for more market reaction, and for the most up-to-date mortgage rates.
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• 30 year (FRM) rates at 3.62% (-0.09%).
• 15 year (FRM) rates at 2.92% (-0.05%).
• FHA 30 year Fixed rates at 3.25% (-0.05%).
• Jumbo 30 year Fixed rates at 3.65% (-0.06%).
• 5/1 ARM rates at 3.00% (-0.05%).
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