May 3rd 2024 Mortgage Market Update

This Week's Mortgage Market Ride - Buckle Up!

Hey Team,

Strap in for the highlights of this week's mortgage market—it's been quite the roller coaster:

- **From Peaks to Dips**: Wednesday hit us with near 8% highs on conventional loans, but we've since dipped to the mid-7s. Expect more thrills and chills as the season progresses.

- **Fed Holds Steady**: The Fed's playing it cool with no rate cuts on the horizon this year, adding a bit of extra spice to our market ride.

- **Job Report Jolts**: The latest jobs numbers were a bit of a shocker, with new jobs dropping from an anticipated 240,000 to just 175,000, throwing a curveball at interest rates. Unemployment nudged up from 3.8% to 3.9%, so keep your eyes on this trend.

- **Stagnation Signals**: Things are looking a bit sluggish with economic indicators pointing towards stagnation—fewer work hours and slow GDP growth could mean we're flirting with recession territory.

- **Pro Tip**: With all this market madness, locking in rates when signing contracts is your safest bet to dodge unexpected spikes driven by inflation and job market flips.

Let's navigate these waves together and stay tuned for more updates!

Your Mortgage Gal for Life,

Julie Herrmann NMLS #1563583

http://www.YourMortgageGalforLife.com

360.900.7092

[email protected]

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