Mortgage rates fall, remaining under 3 percent

“The downward shift in rates, and the bond yields that influence them, has been perplexing for markets, as there was not an obvious reason for such a move to occur,” said Matthew Speakman, a Zillow economist. “The May jobs report came in under expectations, which, at least for now, weakened the likelihood that the Federal Reserve would tighten monetary policy anytime soon — something that would ultimately place more upward pressure on yields. But it’s unlikely that the jobs report alone is responsible for this recent downward move.