Mortgage Rates Improve Following Employment Data And FOMC

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Posted To: Mortgage Rate Watch

Mortgage rates kept falling today, further extending the run into the lowest rates of 2013, but not quite in all-time low territory yet. Much of today's improvement was a factor of the morning's employment data from ADP--seen as forward indicator of Friday's official Employment Situation Report. Bond markets, including the mortgage-backed-securities (MBS) that underpin mortgage rates, began improving at a solid pace well before rate sheets came out. The remaining economic data either "didn't hurt" or flat-out helped rates keep dropping ahead of the day's main event, The FOMC Announcement. As it happens, the FOMC didn't change much from the previous statement. Bond markets backed down from their aggressive rally, raising the risk that lenders might hike rates in the afternoon, but trading levels...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/306840.aspx

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