Mortgage rates drop following the Jobs Report

The morning the Jobs Report was released with weaker than expected data with only 38K non-farm jobs added in May. This is far less than the anticipated 155k jobs. In addition, April’s Jobs Report was revised with fewer jobs than originally reported.

The unemployment rate is down to 4.7%…but…the number of “involuntary part time workers” (people who would prefer to work full time) increased by 468k. Wages (hourly earnings) have increased, year over year, by 2.5%.

Bad news with the Jobs Report = good news for mortgage rates.

If you haven’t refinanced in the last year, you may want to contact your local licensed loan officer – I can help you if your  home is in Washington state.

Now may be a good time to refi and dump your mortgage insurance, pay off debt, reduce your term and/or lower your mortgage payment!