{"id":110491,"date":"2024-10-05T01:03:19","date_gmt":"2024-10-04T18:03:19","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=110491"},"modified":"2024-10-05T01:03:19","modified_gmt":"2024-10-04T18:03:19","slug":"mortgage-rates-spike-after-jobs-report","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=110491","title":{"rendered":"Mortgage rates spike after jobs report"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108043544\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108043544\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000353827\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/108043545-17280628971728062895-36526024625-1080pnbcnews.jpg?v=1728062896&amp;w=750&amp;h=422&amp;vtcrop=y\" alt=\"Mortgage rates spike after stronger-than-expected jobs report\"\/><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>The average rate on the 30-year-fixed <a href=\"https:\/\/www.cnbc.com\/mortgages\/\">mortgage<\/a> jumped 27 basis points Friday morning following the release of the government&#8217;s monthly <a href=\"https:\/\/www.cnbc.com\/2024\/10\/04\/september-2024-us-jobs-report.html\">employment report<\/a>. The rate is now 6.53%, according to Mortgage News Daily.<\/p>\n<p>That is 42 basis points higher than Sept. 17, the day before the Federal Reserve <a href=\"https:\/\/www.cnbc.com\/2024\/09\/18\/fed-cuts-rates-september-2024-.html\">cut its benchmark rate<\/a> by half a percentage point.\u00a0Mortgage rates do not follow the <a href=\"https:\/\/www.cnbc.com\/federal-reserve\/\">Fed<\/a>, but they loosely follow the yield on the <a href=\"https:\/\/www.cnbc.com\/quotes\/US10Y\/\">10-year U.S. Treasury<\/a>.<\/p>\n<p>For mortgage rates, it is all about what the expectation is next for the Fed. As such, there was a lot of anticipation leading up to this particular monthly report, since the last two pointed to weaker labor market conditions.<\/p>\n<p>&#8220;Indeed, the Fed&#8217;s decision to cut by 0.50 vs 0.25 last month had much to do with the fear\/expectation that reports like today&#8217;s would be in shorter supply going forward,&#8221; wrote Matthew Graham, chief operating officer at Mortgage News Daily.\u00a0&#8220;The only salvation here would be the notion that this is just one jobs report in a recent run that&#8217;s been mostly weaker and that perhaps the next one won&#8217;t be so damning for bonds.&#8221;<\/p>\n<p>However, the report does shift the outlook slightly for rates going forward, since most had assumed the trajectory would be lower.<\/p>\n<p>&#8220;MBA&#8217;s forecast is for longer-term rates, including mortgage rates, to remain within a relatively narrow range over the next year,&#8221; the Mortgage Bankers Association&#8217;s chief economist, Michael Fratantoni, wrote after the jobs report was released. &#8220;This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months.&#8221;<\/p>\n<p>Today&#8217;s homebuyers are highly sensitive to rate moves, as <a href=\"https:\/\/www.cnbc.com\/2024\/09\/19\/august-home-sales-drop-more-than-expected-as-prices-set-a-new-record.html\">house prices<\/a> continue to rise from year-ago levels. There is also still very low inventory on the market, which has only served to keep prices higher. Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"RelatedContent-relatedContent\" id=\"RegularArticle-RelatedContent-1\">\n<div class=\"RelatedContent-container\">\n<div class=\"RelatedContent-nonCollapsibleContent\">\n<h2 class=\"RelatedContent-header\">Don\u2019t miss these insights from CNBC PRO<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2024\/10\/04\/mortgage-rates-jobs-report.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government&#8217;s monthly employment report. The rate is now 6.53%, according to Mortgage &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=110491\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-110491","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/110491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=110491"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/110491\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=110491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=110491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=110491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}