Mortgage Interest Rate News 06-07-2016

Mortgage interest rates remain low post May jobs report as the market was not expecting such a weak report.  30 year fixed rates were in the mid 3% range and 15 year fixed were below 3.00% on your best case scenario loans with zero points.  California refinance volume is moderate as lenders are a bit surprised the volume is not up considering how aggressive mortgage rates are right now.  What is the Fed going to do now that the May jobs report was such a bust?  No one really knows and there are valid arguments for raising and not raising.  Mortgage rates will continue to remain low provided there is liquidity in the market in which bonds are rallying despite a possible rate hike.  Other factors such as oil, the dollar and European bonds all play a factor in the Mortgage Backed Securities (MBS) market.