JOBLESS CLAIMS, TREASURY AUCTION, AND MORTGAGE RATES
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Rates are LOWER?to end the week.? Check em' out and then read our 30 second commentary below. Rates are averages / examples for network use only: Pricing as of 5/10/2024 at 4:07 pm
?JOBLESS CLAIMS, TREASURY AUCTION, AND MORTGAGE RATES ?
Good news! Mortgage rates dropped this week, offering some relief for potential homebuyers.
The Trade-Off: This decline came with some economic concerns. Jobless claims rose to 231,000 for the week ending May 4th, exceeding expectations and marking the highest level since late August 2023. This data point suggests a potential slowdown in the economy.
Behind the Scenes: Despite the jobless claims data, strong demand for the 30-year Treasury bond auction on Thursday helped push mortgage rates downward. Many lenders offered improved rates throughout the day.
Looking Ahead: While rates are down, it's important to remember the bigger picture. The significant spike in rates on April 10th was a direct response to the Consumer Price Index (CPI) inflation report. The next CPI report is scheduled for release next Wednesday and has the potential to cause another significant shift in mortgage rates, positive or negative. We'll be on the lookout as usual!?
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