Mortgage Update: June 2

This Morning's Jobs Report Blew Away Expectations with 339,000 Jobs Reported – What Does That Mean for the Market?

The jobs report came out this morning. The number of jobs in this week's report blew away expectations. There were 339,000 jobs reported versus the 190,000 expected. One would think that the market wouldn't take to that very well from the standpoint of a strong economy. So, what's going to happen with that?

Well, things have been pretty neutral so far. As we are producing this update, it's been 20 minutes since the report. So far, mortgage rates are pretty neutral from the news. They are down a little bit from the rising rates during the debt ceiling negotiations (which was just officially passed this past week – good news!). Mortgage rates have been in the mid-to-upper 6s and could get down into the lower 6s or 6.5 range, depending on the mortgage program, LTV and credit score.

Still, we're seeing stability with interest rates. There's a little bit of fluctuation that ranges from low 6s to upper 6s. Inventory is still slightly down, but buyer demand is strong. (Very, very strong!) 

Make sure you're getting pre-approved and preparing yourself to purchase. We'd love to help.

Please email mortgages@johnadamsmortgage.com.