Mortgage Rates Surprisingly Calm After Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates were surprisingly calm today , especially in light of the fact that the big jobs report was released this morning. This report has more potential to move rates than any other piece of economic data, though you wouldn't know it by today's reaction. Part of this--even most of this, perhaps--is due to how close the numbers were to the median forecast (215k nonfarm payrolls created vs expectations for 223k). Had the number been over 250k or under 200k (both very much within the realm of previous results) we would likely have seen a bigger move higher or lower. As it stands, the slightly weaker economic data is consistent with slight improvements for the bonds that underlie mortgage rates. Most lenders continue to quote conventional 30yr fixed rates of 4.0% on top tier scenarios,...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/497225.aspx

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