Mortgage Rates Start Lower, But Pushed Back Up After Jobs Report


Posted To: Mortgage Rate Watch

Mortgage rates were sideways today, on average, but only after the dust settled on some morning volatility. The big jobs report was released at 8:30am ET, and it frequently has an impact on the bond market that underpins mortgage rates. While today’s effects weren’t huge, they were the biggest we’ve seen this week and they accounted for the quickest swings between stronger and weaker levels. The data itself was a bit weaker than expected. Specifically, the economy added only 164k jobs compared to a median forecast calling for 192k. Still, this was “good enough” as far as many traders were concerned, given that last month’s numbers were more than 60k lower when they were first released. Rates’ first reaction was to improve, thanks to the weaker numbers. But once traders got the initial reaction…(read more)

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