Mortgage Rates Fall Back Into Range

Posted To: Mortgage Rate Watch

Mortgage Rates were in a bit of a pickle on Friday afternoon. The big jobs report had just come out slightly weaker than expected, yet rates didn't improve as they normally would, following such data. In fact, underlying bond markets were pointing toward HIGHER rates by the end of the day. We were left to wonder if this was the first step in a move up and out of the recent sideways range. We might still be wondering about the next move had it not been for this morning's ISM Services data (another major economic report that tends to move financial markets, including rates, when it deviates from forecasts in a big way). The data was much weaker than expected, prompting investors to seek the relative safety of the bond market. When demand for bonds rises, rates fall. That was indeed the case today...(read more)

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