What's Driving Current Mortgage Rates?
Mortgage rates today are still nearly unchanged. But what's not to like? A 30-year mortgage at 3.75 percent is hardly anything to sneeze at.
Investors shrugged off President Trump's not-unexpected nomination of Jerome Powell for Fed Chair, and the Republican party's proposed tax plan. Trading volumes were very low and rates did not move much.
Friday’s Monthly Employment Situation report for October contained a few surprises. For one thing, the unemployment rate dropped to 4.1 percent, when analysts had predicted that it would remain unchanged at 4.2 percent. That's bad for rates.
However, that was offset by two things -- employment expanded by only 261,000 non-farm payrolls, far short of the anticipated 335,000. And average hourly earnings, expected to increase by .2 percent, stayed the same, removing inflationary pressure and good for rates.
Mortgage rates today are still very favorable for home buyers. The climate is highly-encouraging for real estate purchases.
Courtesy of Rick Lombardo 310.435.7439, Rick.Lombardo@grarate.com, VP of Mortgage Lending at Guaranteed Rate.
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