Mortgage Rates

Hello everyone,

Here's the latest thinking from our rate lock department:


Employers in the U.S. last month added the fewest jobs in more than two years as payroll losses spread beyond homebuilders and manufacturers. The unemployment rate rose. The 88,000 increase in employment followed a 177,000 gain in March that was smaller than previously estimated, the Labor Department reported today in Washington. The jobless rate rose to 4.5 percent from 4.4 percent, which matched a five-year low. Fewer jobs may herald slower wage growth for Americans already struggling with higher gasoline costs, diminishing prospects for faster economic growth in coming months. The report may revive speculation that the Federal Reserve, which is expected to leave interest rates unchanged next week, will need to cut in coming months to boost growth.

John Shea
Vice President
Summit Mortgage
781-224-2809 (office)
jshea@summitmortgage.com