Mortgage Rates Fall Ahead of Big Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates bounced back today–that is, they bounced back DOWN after rising slightly yesterday. The improvement came courtesy of strength in European bond markets (stronger = more bond buying = higher bond prices = lower bond yields, aka “lower rates”). Weaker domestic equities markets also played a part. While the correlation isn’t always well-behaved, it’s not uncommon to see big stock losses translate to some excess demand for bonds (and again, more bond market demand/buying = lower rates). The size of the move left something to be desired , but it was better than nothing! Although the average client wouldn’t likely see a lower NOTE rate from the average lender, the costs associated with that rate would be noticeably lower than yesterday, and even slightly lower than Tuesday’s offerings…(read more)

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