Rates Drop on News of “Brexit” A shocking British vote to exit the European Union sent both stocks and mortgage rates much lower on Friday. While the final polls ahead of the vote were close, the vast majority of investors expected the UK to vote to remain in the European Union.
Rates Helped by Weak Jobs Report The important monthly jobs report released on Friday was a big disappointment. Against a consensus forecast of 160K, the economy added just 38K jobs in May, which was the lowest level since September 2010.
Hot Housing Market, Strong Durable Goods = Rake Hike Coming Soon The market for both previously owned homes and newly built homes saw their best activity in years. Improved labor market conditions and low mortgage rates are a great combination to support a very active housing market.