Non-farm Payrolls were expected to come in with a loss of 75,000 jobs the actual number was a loss of 84,000 jobs. That’s a big miss. Along with that number we had the unemployment rate increase to 6.1% much higher than the 5.7% predicted. These bad economic reports are likely to move mortgage rates lower.
Currently rates are steady and this is due to profit taking in the 30 year mortgage back security bond market. Over the next few months I expect fixed rates (10 year term or longer) mortgage rates to drop near or below 6%.
Additionally there is very little chance that the Federal Reserve will change the federal fund rate this year. This means Prime would not increase. This should be good for home equity lines and credit card rates.
I think great days are ahead and it might behoove you to look at refinancing now or in the near future.
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