Minneapolis, MN: Mortgage rates jumped up at their fastest pace in two months after this weeks employment report, which showed that more jobs than anticipated were created in April. Anytime we see good economic news, it tends to cause long-term mortgage interest rates to move higher.
Not only were April’s numbers good, the report also revised March’s numbers higher – which combined, added to the increase in mortgage interest rates.
While this all sounds like doom and gloom for anyone looking to buy a new home, or refinance their existing mortgage to save money – it just means that for a perfect customer, a 30-year fixed rate is back up to about 3.50%… Hardly terrible news!
While we never know what mortgage interest rates will do, today’s rates are awesome. There is very little room for downward improvement, and lots of room to move up. I suggest locking in these great low rates, and never look back.