Mortgage Rates Drop to New Long-Term Lows Ahead of Friday's Jobs Report

Mortgage rates fell at a moderate pace today.  As expected, the lenders who hadn’t gotten around to improving during yesterday’s bond market rally (stronger bonds = lower rates) were the most improved.  But there was even solid improvement from other lenders.  The net effect is the lowest average rate quote since November 2016.  The actual number would be a bit of a moving target depending on the lender and scenario, but virtually everyone is well into the 3% range now, assuming a perfect scenario with more than 20% down. 
Both of today’s important economic reports were weaker than expected (weaker data = lower rates), but it will be Friday’s jobs report that has the biggest impact and the final vote this week.  Before we get there, markets are closing early today and will remain fully closed for the 4th of July tomorrow.  …(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed