Rates Paradoxically Higher After Jobs Report

Posted To: Mortgage Rate Watch

Mortgage rates rose modestly today, compared to yesterday’s latest levels. Compared to the morning’s rate sheets however, the rise was sharper, but even then, we’re talking about fairly small movement in the bigger picture. 4.125% is still easily the most prevalent conventional 30yr fixed quote for top tier scenarios, with the only change being in the form of slightly higher upfront cost. It was a volatile day for financial markets with news of air strikes in Syria being the focal point for overnight trading. Bond markets (which dictate mortgage rates) started the day off in much better shape as a result. Rates only found more benefit from the big jobs report, which was much weaker than expected. Weaker economic data tends to motivate bond buying and thus, lower rates. All of the rate-friendly…(read more)

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Source: Mortgage News Daily

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