Mortgage Rates Hit Mid 3’s After Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates continued lower today , despite a fairly strong showing in the Employment Situation report. The so-called ‘jobs report’ is the most important piece of economic data on any given month and it always has the potential to cause big moves in rates. This time around, the data was close enough to forecast levels that it didn’t have a big impact on the bond markets that underly mortgage rate movement. Rates nonetheless managed to move significantly lower in many cases. This happened because of lenders’ pricing strategies heading into today. It’s uncommon for the average lender to be aggressive with rates the day before the big jobs report, especially when bond markets have been improving fairly steadily for the 2 previous weeks. Yesterday was no exception, so when markets managed to…(read more)

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