Mortgage Rates Near 2013 Lows After Abyssmal Jobs Data

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Posted To: Mortgage Rate Watch

Mortgage rates fell hard today, further extending an already impressive move lower over the course of the week. Improvements accelerated throughout the week, culminating in a decisive move back to 3.5% best execution ( what is this? ) for 30yr Fixed loans. Nearly all of the rally can be ascribed directly or indirectly to the employment data that began coming out on Wednesday. Today's report was by far the biggest and so the market movement matched. Had it not been for the past two days of gains, today would have been the single best day for rates since the Fed announced its MBS buying program. The fact that rates improved quickly for three days in row, in some way masks the overall gravity of the week, which in fact, is the best week for mortgage rates since June 2012. If this all seems "a...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/303105.aspx

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