Hiring Data Shifts Today’s Mortgage Outlook

Hiring news gave borrowers a mixed picture this morning. Revelio Labs showed 124,000 new private-sector jobs in May, but new unemployment filings came in above forecasts and announced layoffs also climbed. At the same time, reports of progress in talks tied to Iran helped calm markets, which pulled down borrowing costs in the bond market and took some pressure off mortgage rates. Mortgage News Daily's national rate index put the national average for a 30-year home loan at 6.58% today, a small improvement from yesterday.

Today's Mortgage Rate Averages

Product	Rate	Daily
30-Yr Fixed	6.58%	▼ -0.03%
15-Yr Fixed	6.11%	▼ -0.02%
FHA	6.11%	▼ -0.03%
Jumbo	6.68%	▼ -0.02%
7/6 ARM	6.18%	▼ -0.04%
VA	6.13%	▼ -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.

Labor data did not send one clear signal

Revelio Labs reported 124,000 new private-sector jobs in May, about twice April’s pace.
Much of that hiring came from health care, social assistance, and public administration, not from the most economy-sensitive industries.
New filings for unemployment benefits rose to 225,000, above the 213,000 forecast, which points to a softer reading than expected.
Challenger, Gray & Christmas said announced job cuts reached 97,000 in May, up 16% from April, with nearly 40,000 tied to AI-related reductions.

The labor market still added jobs, but higher layoffs and higher-than-expected unemployment filings kept the overall picture mixed.

Calmer world headlines helped borrowing costs

Mortgage News Daily reported that comments about final negotiations tied to ending the Iran war helped markets rally this morning.
That news pushed the 10-year U.S. government bond interest rate down by about 4 basis points, reversing Wednesday’s move.
Lower oil prices added to the relief, which helped ease some of the upward pressure on mortgage rates.

A calmer global backdrop gave the bond market room to improve, which helped mortgage pricing move slightly lower today.

What home shoppers and owners can do

Mortgage News Daily's national rate index showed the national average 30-year home loan rate at 6.58%, down 0.03% from the prior day.
These are nationwide averages from Mortgage News Daily, not quotes or advertised rates from Homeseed Lending Team.
Market data also shows tomorrow’s government jobs report could still move rates in either direction because private hiring data came in stronger than the current forecast.

Today’s pricing improved a bit, but the next major jobs report could quickly change the outlook for people buying or refinancing.

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.