Mortgage Rates Down Modestly Ahead of Big Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates finally dug in their heels and made some slight improvements today . For the past 4 days, they'd moved higher at the fastest pace of the year for any other 4-day period. The gains weren't extensive though, and many lenders are still quoting conventional 30yr fixed rates of 4.0% for top tier scenarios. 3.875% is slightly more common than it was yesterday, but in general, most of the changes were seen in the form of upfront costs (as opposed to the note rate itself). The timing of the improvement is ironic and potentially frustrating for rate watchers as it falls on the eve of the exceptionally important Employment Situation Report (aka, 'jobs report' or NFP). This is the single biggest piece of economic data on any given month, and it has more power to move rates than any other...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/470252.aspx

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