Mortgage rates are unchanged today.
Our shift from floating to locking on Wednesday in anticipation of the employment report looks a little premature. This morning’s jobs report showed that the US economy lost 131,000 jobs last month and June’s losses were revised higher. Private sector employers added only 31,000 jobs. All came in less than expected. Click HERE to understand how the employment report impact mortgage rates.
On this news stocks are trading modestly lower and yields on US treasuries are slightly lower. Given the weak economic data we will shift our outlook back to floating.
Current outlook: floating