Mortgage Rates Quickly Retreating After Hitting Long-Term Lows

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Posted To: Mortgage Rate Watch

Mortgage rates continued moving higher today as Fridays unfortunate series of events seems to have motivated a big bounce. What events are those? Namely, we’re talking about several important economic reports including the big jobs report and the most closely-watched manufacturing report from ISM. These were joined by two other supporting actors (Consumer Sentiment and Factory Orders) to round out an entire morning of data that came in much stronger than expected. But wait… why is strong economic data a bad thing?! A fair question! After all, don’t we like a strong economy? If by “we,” you mean the average person on the street, then yes! If, on the other hand, you mean mortgage rates (or simply those who would prefer to see mortgage rates fall), then no… a stronger economy is the enemy…(read more)

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