Today's analysis can be short and sweet.Bottom line: The employment situation reading of new jobs created completely fell short of even the worst expectations. There couldn't be any better news for mortgage rates.
As a result, look for the best rates you've seen in over 2 years this morning.
Some lenders will hit 5.375% today.
Although it's always a safe bet to lock when the rates are at the bottom of their trading range, today's massive movement breaks us through the glass ceiling on bond prices we've had for the last month. That means the market and more important the raw data "trend" has shown us the possibility that it will move even lower. Recession talk will be rampant today. So although locking is the safe bet, we do have evidence and impetus for the economy to get even weaker thus making floating an enticing possibility for those of you who side with the bears.
Current Mortgage Rates
Loan Type Rate Points Previous Week Change
30 Year Fixed 6.17% .5 6.14% .003
15 Year 5.79% .5 5.79% .000
1 Year ARM 5.53% .7 5.51% .002
5/1 Year ARM 5.90% .5 5.90% .000
Source: Freddie Mac Primary Mortgage Market Survey
