Mortgage Rates Hold Ground Despite Stronger Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates were flat today, which is a victory considering the big jobs report was stronger than expected. Typically, labor market strength--especially when seen in this particular report--is bad news for rates, but it didn't happen today. In fact, after a brief initial reaction, the underlying bond market actually improved (which is consistent with slightly lower rates, but it didn't improve quite enough for the average lender to go to the trouble of making that change today). What's up with the paradoxical reaction? Two factors could be in play. First, bonds have spent the past two days moving higher in rate following Jerome Powell's press conference. The rebound in rates seen today could be more of a technical correction to those two days of pain. Beyond that, if markets are actually...(read more)

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