Mortgage Rates Better at First, Following Weaker Jobs Numbers

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower following a weaker-than-expected jobs report. The so-called “jobs report” (officially “The Employment Situation”) is–on average and over time–the most important piece of economic data on any given month. While it has recently taken a back seat to the likes of the Consumer Price Index (CPI… an inflation report), it always has the power to move bond markets. Bonds, in turn, move mortgage rates. Today’s jobs report missed the mark. The traditional implication is for slightly lower rates, and that’s exactly what happened… at first. Apart from the aforementioned CPI report, economic data has generally been less important to rates than it has been in the past. The reaction to the jobs data was quick, shallow, and ultimately reversed within an hour. Still, it provided…(read more)

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