How Did the Employment Report Impact Mortgage Rates?

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Posted To: Mortgage Rate Watch

Home loan borrowing costs stayed sideways today after ending a 7-day losing streak on Wednesday. This is important because a high-risk event has just passed: The Employment Situation Report To illustrate the recent behavior of mortgage rates, we offer the chart below. It graphs the average origination closing costs associated with specific mortgage note rates as quoted by the five major mortgage lenders. With respect to the notion of "stored energy" and the "sideways" movement, see how the individual dots that comprise each of the lines are now moving more sideways than up or down versus say, February and the first half of March for instance. If the note rate line is moving up, the closing costs associated with that rate quote are rising. In December, closing costs rose rapidly. Mortgage rates...(read more)

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Source: www.mortgagenewsdaily.com

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