MONDAY MORNING MORTGAGE NOTE
The Employment report released on Friday was much stronger than expected, which was negative for mortgage markets. Despite the shocking labor market data, however, the net result was that mortgage rates ended the week slightly lower. The largest gains were seen in professional services, healthcare, and retail trade. The unemployment rate remained unchanged at 3.7%, below the consensus of 3.8% Wage growth also vastly exceeded expectations. As expected, the Fed made no change in the federal funds rate at the meeting on Wednesday. The meeting statement noted that officials need "greater confidence" that inflation will fall to their 2.0% target before loosening monetary policy. Most investors now anticipate that the first-rate cut will take place in May.
GUARANTEED RATE AFFINITY
PROGRAM. RATE APR DISCOUNT POINTS
Conforming 15 Year Fixed 5.875% 6.360% 0.969
Conforming 30 Year Fixed 6.400% 6.696% 0.938
Jumbo 30 Year Fixed 6.625% 6.848% 0.753
FHA 30 Year Fixed. 6.125% 7.057% 0.670
VA 30 Year Fixed 6.000% 6.435% 0.841