Pickering Group

The September jobs report came in much weaker than expected, with only 29,000 jobs added compared with estimates of approximately 90,000. Unemployment increased slightly from 4.1% to 4.2%, and job growth from the previous two months was revised down by a combined 60,000 jobs.

The report was not weak across every category. More people entered the workforce, and full-time employment increased. Still, the overall report points to a labor market that is losing some momentum.

What could this mean for mortgage rates?

Weaker employment data can take some pressure off bond yields and improve the outlook for mortgage rates. Markets are also placing lower odds on another Fed rate increase in October. However, mortgage rates do not move directly with the Fed, and inflation, Treasury yields, and future economic reports will continue to matter.

If you are thinking about buying or refinancing, this is a good time to review your options and make a plan based on your situation, not just the headlines.

Jeff & Sherry
Husband-and-Wife Mortgage Team
The Pickering Group Powered by Barrett Financial
602-738-3891
www.PickeringGroup.com

I have a little buddy helping me today!

Happy 4th of July from The Pickering Group!

Today we celebrate freedom, fireworks, and the American right to eat way too much barbecue. If your neighbor's fireworks display looks more impressive than yours this year, don't worry, that's not something I can help with. But if you're dreaming of a new home to watch those fireworks from, that one's right up my alley.

Wishing you and your family a safe, fun, and delicious Independence Day. Eat well, stay cool, and let freedom ring.

Lock advice at a glance!
Current position: Floating!
REPRICE RISK: Moderate

“Mortgage rates are still near the best levels we've seen in the past month, and the overall outlook remains encouraging. Federal Reserve leaders recently shared that they expect inflation to continue cooling as gas prices ease and housing costs stabilize, which is good news for mortgage rates. The biggest thing to watch now is next week's jobs report, since stronger or weaker hiring could cause rates to move. If you're thinking about buying a home or refinancing, this is a great time to explore your options before the market reacts to new data.”(want the full daily report, just email me the request)

Looking to see what rate and Program best fit your needs? To schedule an appointment and to provide me with basic information, link in comments.

Loan Level Price Adjustment Reminder: all lenders have already implemented the LLPA price adjustments, which are not favorable for most loans and will raise consumer rates.

You can see the new LLPAs link in the comments.

Lock advice at a glance!
Current position: Floating!
REPRICE RISK: Moderate

“Some Encouraging News for Buyers This Morning
Mortgage rates improved significantly yesterday after positive news suggested a potential agreement could be reached in the Middle East. Lower oil prices and easing uncertainty helped push rates in the right direction, giving buyers some of the best pricing we've seen in weeks.
There is still some risk until an official agreement is finalized, but the outlook is improving. If progress continues, we could see mortgage rates trend lower as we move into July, creating more opportunity for buyers who have been waiting on the sidelines.”(want the full daily report, just email me the request)

Looking to see what rate and Program best fit your needs? To schedule an appointment and to provide me with basic information, link in comments.

Loan Level Price Adjustment Reminder: all lenders have already implemented the LLPA price adjustments, which are not favorable for most loans and will raise consumer rates.

You can see the new LLPAs link in the comments.

ISO Financial Advisor in north Phoenix

Lock advice at a glance!
Current position: Lock!
REPRICE RISK: Moderate

“Rates Took a Step Back Today... But Don't Count Buyers Out Yet
Mortgage rates moved a little higher this morning after a stronger-than-expected jobs report. While that's not the direction we wanted to see, the bigger picture hasn't changed much.

The market is still closely watching developments in the Middle East. If peace talks continue moving forward, we could see rates recover some of today's losses in the coming weeks. For now, rates remain within the same general range we've seen recently, and there is still a path to improvement as we head into summer.
Bottom line: a small setback today, but the outlook remains much better than it was just a few weeks ago.”

Looking to see what rate and Program best fit your needs? To schedule an appointment and to provide me with basic information, link in comments.

Loan Level Price Adjustment Reminder: all lenders have already implemented the LLPA price adjustments, which are not favorable for most loans and will raise consumer rates.

You can see the new LLPAs link in the comments.

Lock advice at a glance!
Current position: Float!
REPRICE RISK: Moderate

“Good news for buyers heading into the weekend… mortgage rates improved again after reports that the U.S. and Iran are making progress toward extending the ceasefire and reopening key oil shipping routes. Lower oil prices have been helping rates slowly move in the right direction.

Today’s rates should look a little better than earlier this week, and if peace talks continue moving forward, we could see additional improvement over the next few weeks. There’s still some risk if negotiations fall apart, but right now the market is reacting much more positively than it was just a couple weeks ago.”(want the full daily report, just email me the request)

Looking to see what rate and Program best fit your needs? To schedule an appointment and to provide me with basic information, link in comments.

Loan Level Price Adjustment Reminder: all lenders have already implemented the LLPA price adjustments, which are not favorable for most loans and will raise consumer rates.

You can see the new LLPAs link in the comments.

Lock advice at a glance!
Current position: Float!
REPRICE RISK: Moderate

“Rates are improving a little again today as news continues to point toward possible progress in peace talks overseas. Markets are reacting positively because lower tension could help bring oil prices back down, which is good news for mortgage rates.

There’s still some risk heading into the weekend because any bad headlines could quickly reverse things, but overall the mood has shifted more positive than earlier this week. If a deal eventually gets done, rates could continue improving over the next few weeks, though probably not back to the super low levels we had before all of this started.”(want the full daily report, just email me the request)

Looking to see what rate and Program best fit your needs? To schedule an appointment and to provide me with basic information, link in comments.

Loan Level Price Adjustment Reminder: all lenders have already implemented the LLPA price adjustments, which are not favorable for most loans and will raise consumer rates.

You can see the new LLPAs link in the comments.