Mortgage Newsletter

Mortgage Newsletter / Update

Please find the latest Mortgage Update from a member of our team: Will Dukes, one of the lenders who we recommend, so as to fully help our Buyers (& Sellers).  (Please compare Will's rates and terms with other lenders; always compare)

We can send you Will's most recent Rate Sheet separately, please email Barry@SWFLLuxury.Com  to request it, thanks.

05 / 07 / 2021 Update:

Good afternoon!  Below (and attached) please find your weekend ratesheet.                                     

 

COMMENTARY: What a difference a week can make! Today’s nonfarm payroll jobs report was a serious disappointment to market investors with the US economy adding a paltry 266,000 jobs in April.  This was a far cry from the forecasts of most economists predicting America would add upwards of 1 million jobs last month and was the slowest improvement for jobs growth since January.  It's also worth noting that the revisions from the last few months didn't exactly help matters: February's job totals were revised up from 468,000 to 536,000, but March's totals were revised sharply lower, from 916,000 to 770,000.  Finally, the unemployment rate rose to 6.1% in April, up from 6% a month earlier.


The net effect of this morning’s balloon popping was a mad scramble by mortgage investors to readjust their risk positions – a process that moved rates fractionally lower and provided good news for borrowers looking to lock this weekend! To put it mildly, these figures come as an enormous surprise to all market participants and the news networks will all be giving their take on why this happened in the coming weeks.


Next week gets off to a slow start with the April Consumer and Producer Price Index reports published early in the week.  These will be followed by April Retail Sales and the April Industrial Production and Capacity Utilization report.  Uncle Sam will also be in the credit markets conducting a three-part $109 billion debt sale of Treasury notes. I wouldn’t say it was likely that rates could go lower but that’s what we thought this week.  Stay tuned, same Bat Channel --- same Bat time!

 

Have a great weekend!

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