Rates Increase Slightly on Today’s Employment Report Mortgage interest rates increased slightly this past week largely on today’s April employment report. The unemployment rate fell to 7.5% on expectations that it would be unchanged at 7.6%. The unemployment rate is at its lowest level in five years. Non-Farm Payrolls increased by 165k on expectations that they would increase by 153k. February and March payrolls were revised higher as well. Other economic data was mixed. Economic reports stronger than expected included March Pending Home Sales, April Consumer Confidence, the US Trade Balance, and weekly jobless claims. Economic reports weaker than expected included March Personal Income, the April Chicago Purchasing Managers Survey, the April ADP Employment Estimate, March Construction Spending, the April ISM Manufacturing Index, March Factory Orders, and the April ISM Service Sector Index. Also of note, the European Central Bank cut its base lending by 0.25% and the Federal Reserve reiterated its commitment to its current quantitative easing.
Wall Street Commentary
The Dow Jones Industrial Average is currently at 15,006, up almost 300 points on the week. Crude oil spot prices are currently at $95.37 per barrel, up over $2 per barrel on the week. The Dollar strengthened versus the Yen and weakened versus the Euro on the week.
Next week look toward Thursday’s weekly jobless claims as a potential market moving event. Also, the Treasury will auction $72 billion of 3 Year Notes, 10 Year Notes, and 30 Year Bonds.
Mortgage interest rates improved slightly on the week. Currently, a Conventional 30 year fixed rate is hovering in the range of 3.5% to 3.625% with no points.
** Mortgage rates are subject to daily market fluctuations and can change without notice. Mortgage rates are also effected by down payment, occupancy, loan amount, credit score, lock period and property type.
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Listing information last updated on December 10th, 2018 at 9:34am MST.