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- Mortgage Rates 📢 October 7th, 2024
Mortgage Rates 📢 October 7th, 2024
Mortgage Rates JUMP ⬆️ — Job Reports cause bond market blood bath.
Glenn Groves
October 07, 2024
INTEREST RATES
10-Year-Treasury 30-Day Snapshot
Product | Rate / APR | Weekly Change |
|---|---|---|
⬆️ Conv. | 6.625% / 6.641% | +.500% |
⬆️ Conv. HB | 6.999% / 7.001% | +.500% |
⬆️ JUMBO | 7.125% / 7.134% | +.750% |
⬆️ FHA 3.5% DP | 5.750% / 6.672% | +.500% |
⬆️ VA 0% DP | 5.750% / 5.961% | +.250% |
Rate data as of morning of publication. Unless noted otherwise, all scenarios are assuming 30 Year-Fixed mortgage, Purchase or R/T Refinance. No origination points charged, 780 FICO score, and 20% down payment. Provided for consumer education only and does not serve as a binding offer to extend lending. Payment period, interest rate, APR, and other terms subject to income, asset, and credit profile qualification. Provided courtesy of GTG Financial, Inc. NMLS 1595076. Equal housing opportunity. www.nmlsconsumeraccess.org
📊 BLS Jobs Report SURPRISE:
September Jobs Created: 254,000 jobs
Expectations: Only 140,000 jobs were expected
Upward Revisions for Previous Months:
August: Revised up by 17,000 jobs to 159,000
July: Revised up by 55,000 jobs to 144,000
Total Revision Increase: Combined upward revision of +72,000 jobs for July and August.
The Wolf of Wall Street, 2013 - Paramount Pictures via Tenor
Bottom Line: The Jobs report numbers signal the markets that the economy is more robust than expected. The markets are reading this as a STOP sign for the Fed to keep cutting rates for fear of inflation returning.
We are hoping this is a knee-jerk reaction and rates calm down. Revisions for these September numbers are not expected for several months.
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