Mortgage Rates Lowest Since April Ahead of Big Jobs Report; Affordability Remains Despite Advancing Prices; Construction Spending Flat

Mortgage Rates Lowest Since April Ahead of Big Jobs Report; Affordability Remains Despite Advancing Prices; Construction Spending Flat

Mortgage rates can seemingly do no wrong this week. They fell again today--this time making it firmly into territory not seen since late April. At current levels, many lenders have moved on to quoting conventional 30yr fixed rates of 3.75% on top tier scenarios. 3.875% is nearly ubiquitous, and you'd be more likely to see 3.625% before 4.0%. In other words, we're not merely dabbling in the upper reaches of the "high 3's." Rates are legitimately in the 3% range--for now. Today's improvements, and indeed some of the improvements earlier this week have NOT been captured by Freddie Mac's weekly Primary Mortgage Market Survey --the industry standard for mortgage rate tracking. While the survey is highly accurate over the long haul, its methodology doesn't allow it to capture all of the movement