Jobs beat expectations, mortgage rates unphased this week
The big news out of D.C. this morning is that the March jobs report has wildly beat expectations, adding 916,000 jobs vs 675,000 expected. This is the highest level in months and unemployment nationally is on the cusp of being below 6%. All of this is great news and as vaccine roll-outs continue, people should be feeling more confident about the economy.
Surprisingly though, mortgage rates haven’t seen much movement this week after steadily rising for the past several weeks. The 30-year fixed-rate mortgage averaged around 3.18% with 0.7 points (here’s a good breakdown of what points are) this week. This is up just .01% on last week’s average. The 15-year fixed-rate mortgage was unchanged week-over-week at 2.45% with 0.6 points. Both are still down .15% and .37%, respectively, from this time last year.
Rates remaining steady this week is also good news for buyers who are battling low inventory and rising home prices. Some buyers are likely feeling pressure to find a home before rates and home prices also box them out of the market.
If you have questions about buying a house during this crazy market, join us for our Zoom home buying class on April 6th at 4 PM.