Mortgage rates are improving on lackluster job creation in May.
Just 138,000 jobs were added, which sounds decent until you hear that one hundred eighty-five thousand were expected.
It casts doubt on the notion that the economy is doing as well as everyone thought. This is helping mortgage rates.
Mortgage rates rise in hot economies. Inflation heats up when everyone has a job and wages rise. But inflation is bad for mortgage rates.
Low inflation means that investors can "afford" to buy mortgage-backed securities (MBS) that offer low rates of return. This helps consumer mortgage rates.
Jobs are what drive an economy. This month's jobs data suggests that economic growth is still subdued, relieving pressure on rates.
Lackluster readings in May's jobs report can (at least temporarily) improve mortgage rates.
That's what we're seeing this morning, as investors digest the news. Rates are improving, at least for now.
It's a good time to check rates if you are currently shopping for a mortgage.
Lock a loan while rates are still low.
Below are examples of interest rates available today.
TRUE NO CLOSING COST LOAN OPTION
PROGRAM RATE APR* FEES
Conventional 30 yr. Fixed 3.75% 3.75% $0 (None)
Conventional 15 yr. Fixed 2.99% 2.99% $0 (None)
Conventional 5 yr. ARM 2.99% 2.99% $0 (None)
Conventional 7 yr. ARM 3.25% 3.25% $0 (None)
30 years Fixed FHA 3.625% 3.625% $0 (None)
15 years Fixed FHA 3.25% 3.25% $0 (None)
30 years Fixed VA 3.25% 3.25% $0 (None)
15 years Fixed VA 2.75% 2.75% $0 (None)
JUMBO 30 yr. Fixed 3.875% 3.875% $0 (None)
JUMBO 15 yr. Fixed 3.375% 3.375% $0 (None)
BBB A+
Sincerely,
Tony Nguyen | NMLS#93776
Vision Quest Lending | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042 | 877-318-0992 x6502 | Fax 866-394-9352
Email | tony@vqlending.com
Website | www.visionquestlending.com
Just 138,000 jobs were added, which sounds decent until you hear that one hundred eighty-five thousand were expected.
It casts doubt on the notion that the economy is doing as well as everyone thought. This is helping mortgage rates.
Mortgage rates rise in hot economies. Inflation heats up when everyone has a job and wages rise. But inflation is bad for mortgage rates.
Low inflation means that investors can "afford" to buy mortgage-backed securities (MBS) that offer low rates of return. This helps consumer mortgage rates.
Jobs are what drive an economy. This month's jobs data suggests that economic growth is still subdued, relieving pressure on rates.
Lackluster readings in May's jobs report can (at least temporarily) improve mortgage rates.
That's what we're seeing this morning, as investors digest the news. Rates are improving, at least for now.
It's a good time to check rates if you are currently shopping for a mortgage.
Lock a loan while rates are still low.
Below are examples of interest rates available today.
TRUE NO CLOSING COST LOAN OPTION
PROGRAM RATE APR* FEES
Conventional 30 yr. Fixed 3.75% 3.75% $0 (None)
Conventional 15 yr. Fixed 2.99% 2.99% $0 (None)
Conventional 5 yr. ARM 2.99% 2.99% $0 (None)
Conventional 7 yr. ARM 3.25% 3.25% $0 (None)
30 years Fixed FHA 3.625% 3.625% $0 (None)
15 years Fixed FHA 3.25% 3.25% $0 (None)
30 years Fixed VA 3.25% 3.25% $0 (None)
15 years Fixed VA 2.75% 2.75% $0 (None)
JUMBO 30 yr. Fixed 3.875% 3.875% $0 (None)
JUMBO 15 yr. Fixed 3.375% 3.375% $0 (None)
BBB A+
Sincerely,
Tony Nguyen | NMLS#93776
Vision Quest Lending | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042 | 877-318-0992 x6502 | Fax 866-394-9352
Email | tony@vqlending.com
Website | www.visionquestlending.com