Friday’s disappointing Jobs Report was actually great news for mortgage rates as it fueled a long-awaited rate drop. With unemployment trending higher, it’s more likely (almost guaranteed) that the Fed will finally start lowering the Fed funds rate in September. This means that we will start to see mortgage rates trend lower in anticipation of the Fed’s actions next month.
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If you’re considering buying or refinancing your home, please contact me. I am happy to help you or anyone you know!
Mortgage rates are based on bonds (mortgage backed securities) and are traded fairly similar as stocks. Investors tend to favor stocks over bonds as stocks tend to provide a better return. However, investors will opt for bonds over stocks when they are seeking safety when markets are tumultuous. When the stock market is on a run, odds are mortgage rates may be moving higher as investors are selecting stocks over bonds. And when the stock market is tanking, 
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