The ADP employment report sent mortgage rates on a bit of a ride

Mortgage rates are sitting still this week, with little to no increase or decrease. The 30-year fixed rate didn’t change while the 15-year fixed rate inched up to 3.41 percent. Along with this, mortgage applications decreased last week, the market composite index fell 3.2 percent.

 The big news of the day is that the ADP employment report showed 246,000 private sector jobs created compared to 168,000, which means pressure on inflation, which is not good for interest rates. Mortgage rates are still on a slide down and I still recommend locking in those interest rates. I will be posting mortgage updates on my YouTube Channel every afternoon, so be sure to subscribe today to see where the market is heading! 

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