Mortgage Rates Drop to 6.48% After Five-Week Surge as May Jobs Crush Expectations at 172K, But Applications Fall 2.5% for Third Straight Week Heading into Kevin Warsh's June 16-17 FOMC Debut

Mortgage Market Update: Rates ease to 6.48% (Freddie Mac, June 4) from 6.65% peak as oil moderates and bonds stabilize, May jobs report crushes forecasts with 172K additions vs. 85K expected.