Mortgage Rates Back at Recent Highs After Jobs Report

Posted To: Mortgage Rate WatchMortgage rates rose moderately today (depending on the lender). It was enough to bring them back to the highest levels since early August. Additionally, we can expect them to be slightly higher on Monday unless underlying bond markets improve in Asia and Europe. Reason being: there was additional weakness in bonds this afternoon and most lenders didn’t go to the trouble of adjusting their rate sheet offerings to account for it (though several lenders did). Weakness in bonds equates to higher rates, in general. As for underlying causes, today was all about the big jobs report this morning. Typically, bond markets will weaken if the report shows stronger job creation. That wasn’t exactly the case today. While the tally of new jobs was higher than expected, it wasn’t an impressive result by the…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631