Posted To: Mortgage Rate Watch
Mortgage rates were sideways to slightly higher today despite a weak reading of the Employment Situation (aka "the jobs report"). This is traditionally the most influential piece of economic data on any given month as far as bond markets (which drive mortgage rates) are concerned. Recent intractability of inflation combined with several years of solid jobs gains have increasingly robbed this report of that historical influence. Don't get me wrong. The jobs report is still a big trading day for markets. It's just that we're not seeing bonds end up where past precedent would suggest. Specifically , today's report would clearly suggest lower rates by the end of the day. Instead, the average lender is slightly higher. Part of that has to do with the fact that rates improved fairly solidly for the...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2eM7eFZ
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