Job creation that exceeded expectations in May has reinforced the perception that the Federal Reserve will maintain the same benchmark interest rates at its June meeting and may delay any rate cuts that were planned for this year. This means that mortgage rates are likely to be higher for even longer than previously expected. 

The U.S. economy added 272,000 jobs in May, above the market consensus estimate of 180,000. It was also much higher than the 160,000 jobs delivered the previous month (the April data was revised downward by details ⇒

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