This morning’s big piece of economic data, the Employment Report for May, was a huge disappointment to market watchers and has caused stocks to sell off and investors to move money into bonds. The net result is that this has caused mortgage rates to plunge to new all time historic lows.
Employment Data Rocks Mortgage Rates Downward
Market watchers hoped for 150,000 or more jobs to be added in May and the data released greatly disappointed with only 69,000 jobs actually being added in May. The unemployment moved up to 8.2% from 8.1% last month.
The bottom line is that this data is one more signal that the economic recovery many had hoped was underway, may not have the legs it was thought to have once had. This data may also impact future FOMC actions, which is why market watchers will be waiting patiently for the next FOMC meeting and any signs of future possible actions from the FOMC.
Where Are Mortgage Rates Now?
Since mortgage rates can move many times per day, rates may be at all time lows, making new low or rising. To get an up to the minute mortgage rate quote, simply call us directly or take a minute or two to fill out the rate request form at the top of the page.
We can also answer any mortgage related questions you might have. Not sure which loan program fits your needs the best? Not a problem, we can help put together a mortgage strategy that makes the most sense for your needs.