Mortgage Rates Higher After Jobs Data and Progress in Italy

Posted To: Mortgage Rate Watch

Mortgage rates move higher today, mostly due to waning political risks in Italy. To be honest, I only really put the jobs data in the headline because the mighty Employment Situation Report is a perennial market mover--especially for rates. In today's case, however, bond market trading levels (the stuff that dictates rates) ended the day right where they were just BEFORE the jobs report came out. Nonetheless, those trading levels were sufficient for a noticeable move higher in rates. That means rates were rising due to something that happened before the jobs report. When it comes to the US bond market and this week's volatility, Italian politics have been at center stage. Today was something of a closing act in that regard as the Italian President finally confirmed a new Finance Minister. Failure...(read more)

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