Mortgage Rates Remain Lower After Volatile Reaction to Jobs Data

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Posted To: Mortgage Rate Watch

Mortgage rates had a wild day today . If you've spoken to a mortgage originator about rates any time in the past 24 hours, it's important to understand just how immense the swings have been. Let's start with the good news. The average conventional 30yr fixed rate quote thundered to its best levels in more than 5 months this morning, making it easily to 3.75% for almost any lender and even as low as 3.625% for quite a few lenders. This, after the big jobs report came in significantly weaker than expected. The bad news is that the afternoon saw a fairly substantial reversal in the bond markets that underlie mortgage rates. When those trading levels begin losing ground, mortgage lenders are increasingly at risk of recalling rate sheets and sending out new, higher rates (aka "mid day reprice")...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/516509.aspx

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