How Did the Employment Report Affect Mortgage Rates?

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Posted To: Mortgage Rate Watch

Today's Employment Situation Report (ESR) placed a large and forceful shoe-print squarely on the backside of recently higher rates! Granted, we're only speaking in a context of a few days, but to experience definitive improvements in rates on ESR day has historically meant good things for interest rates in the week's that follow. That doesn't mean rates will necessarily KEEP getting better, but this data definitely served an important purpose in MODERATING THE PACE AT WHICH MARKETS THINK THE ECONOMY IS IMPROVING. As we discussed yesterday, economic prosperity generally coincides with rising interest rates. When economic optimism is overly...optimisitc...it can create undue upward pressure on mortgage rates. See the month of December! This helped confirm a stop in that bleeding! Plain and Simple...(read more)

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Source: www.mortgagenewsdaily.com

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