Mortgage Rates Highest Since July After Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates leaped significantly higher today, following an exceptionally strong jobs report. Typically released on the first Friday of every month, the Employment Situation is the most important piece of economic data in the world (yes, the world). At the very least, it has more power to move financial markets than any other economic report. It flexed those muscles today, to be sure, but not necessarily for the regular reasons. Normally, the jobs report is a market mover simply because of its relevance to the broad economic trends. Bottom line, if the economy is creating more jobs than expected, then it's a bit stronger than we thought it was yesterday, so yesterday's bond yields ( aka "rates" ) and stock prices need to move higher in order to align with the brighter outlook. While there...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/528340.aspx

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