Mortgage Rate Influental Non Farms payroll report is in...

As I have said before, negatives for the economy = positives for mortgage rates. Watching these things unfold is kind of like rooting for the opposing teams quarterback to break his leg. You don't want him to get hurt, but you also do not want him to beat you.

June saw -125,000 jobs versus the projected figure of -110,000. It is not the fact that jobs were lost that move the market, it is the fact that MORE than expected were lost. This comes on the heels of +433,000 for May. Get used to hearing the term "double dip recession" over the next several days. Traditionally, this would result in IMPROVED MORTGAGE RATES. It appears that rates are so low right now that they have very little room to move lower. What this will do for at least the short term, is keep interest rates at these historic lows. As has been the theme, expect to see 4.25% fixed in play for upper crust borrowers with about 1 point and 4.5% 30yr fixed with zero points. Jumbo mortgage rates are also knocking on the 4.5% door as well. Even if you have a great rate, it is worthwhile to explore refinancing today.