Why Hiring and Oil Matter

If you plan to buy, refinance, or lower your payment, today’s job and wage news matters because it can shift mortgage rate quotes fast. A private payroll report came in slightly above forecast, and wage growth stayed firm. Then missile strikes tied to Iran pushed oil prices higher, which added more pressure to borrowing costs. Mortgage News Daily's national rate index later showed the 30-year fixed national average at 6.61%, a small rise that could matter if your timeline is short.

Today's Mortgage Rate Averages

Product	Rate	Daily
30-Yr Fixed	6.61%	▲ +0.04%
15-Yr Fixed	6.13%	▲ +0.03%
FHA	6.14%	▲ +0.03%
Jumbo	6.70%	0.00%
7/6 ARM	6.22%	▲ +0.08%
VA	6.16%	▲ +0.03%

Source: Mortgage News Daily National Rate Index · Updated today

These figures are nationwide averages from Mortgage News Daily, not a quote, offer, or advertised rate or APR from Homeseed Lending Team.

Hiring data points to rate pressure

A private payroll report showed 122,000 new jobs for May, above the 117,000 forecast, while April was revised down to 105,000.
The same report showed pay rose 4.4% for people who stayed put and 6.6% for workers who changed jobs.
Recent hiring has cooled overall, with the three-month average at 96,000 and the 12-month average at 59,000.

The labor picture was mixed, but the above-forecast hiring number and steady wage growth gave markets one more reason to expect pressure on mortgage rates.

Oil and bond markets added stress

Missile strikes tied to Iran sent oil back to late-May levels, raising concern about future inflation.
The 10-year U.S. government bond started the day near 4.485%, about 0.035% higher, after trading in a 4.43% to 4.52% range.
Mortgage News Daily market data showed bond prices that drive mortgage rates fell by about a quarter point, and analysts opened the day with a cautious view.

Global headlines pushed oil and bond-market borrowing costs higher, which helped lift mortgage pricing pressure this morning.

What borrowers should watch next

Mortgage News Daily's national rate index put the 30-year fixed national average at 6.61%, up 0.04% from the prior day.
These are nationwide averages from Mortgage News Daily, not quotes or advertised rates from Homeseed Lending Team.
The Mortgage Bankers Association's Weekly Mortgage Applications Survey (week ending today) showed the average quoted mortgage rate slipped to 6.57%, but purchase demand fell 3% and refinance demand fell 2% from the prior week.
These figures are nationwide survey averages, and they are not a quote, offer, or an advertised rate or APR from Homeseed Lending Team.
A services-sector report due later today could cause sharp swings during the trading day, so rate quotes may move for a short time.

This week’s survey data looked a bit better than today’s live market tone, so people shopping for a home loan or refinance should be ready for quick quote changes.

Final Takeaway

Get a personalized mortgage strategy review from the Homeseed Lending Team. As your mortgage broker, we'll compare options across wholesale lenders, talk through lock versus float timing, and help you decide what fits your payment and timeline.

Homeseed Lending Team, powered by Barrett Financial Group, L.L.C., NMLS #181106. Licensed in AZ, CA, FL, NC, NV, OR, TX, WA. Equal Housing Lender. This article is for informational purposes only and does not constitute an offer to extend credit.