Monthly jobs data came out this morning and the survey says……255K new jobs in July, above the 185K expected. This makes two consecutive months with positive job data. Remember, positive economic news puts upward pressure on rates and gives the Fed more reason for future rate hikes.
However, looking a little more long term, I still see some headwinds with our economy as well as global economies. And although we will see some spikes in mortgage rates from week to week; I don’t see them getting too high over the rest of the year.
Current mortgage rates on 30 year fixed conforming loans are in the 3.500% range; 15 year fixed rates are in the 2.875% range; and jumbo 30 year rates are in the 3.875-4.000% range.
Have a great weekend.