Mortgage Market Summary as of December 11, 2017 (+ 10% down payment up to $1,500,000 loan amount…No PMI!)

Rates Stay Higher After Jobs Report and Shutdown Bill

The Labor Department announced Friday morning that 228,000 new jobs were created in November, stronger than the median forecast of 200,000.  These so-called "nonfarm payrolls" add up to the most widely followed metric on the health of the labor market in the US.  On most other occasions, the report would create a more meaningful response in rates (which tend to rise when jobs growth is strong).  In the current case, market participants are more interested to see how various legislative efforts develop--especially the tax bill.  

10% down payment up to $1,500,000 loan amount…No PMI!

What are the catches?

  • Primary residence
  • 740 middle credit score
  • 35% DTI (debt-to-income) ratio

Courtesy of Rick Lombardo 310.435.7439,, VP of Mortgage Lending at Guaranteed Rate.

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