Rates Surge Lower After Downbeat Economic Data

Most of the movement in mortgage rates had been slow, steady, and generally unfriendly in recent weeks. Today was a stark exception as rates surged significantly lower (relative to their recent range) following weaker-than-expected economic data. Weak economic data tends to help rates move lower, and this morning’s reports were the most important of the […]

Rates Steady Despite Strong Jobs Data. Here’s Why…

Mortgage rates held steady today, despite a key report from the Labor Department showing stronger-than-expected job creation in February. Typically, a strong jobs report is bad for rates. This one likely would have been bad as well, but markets got advance notice from another report earlier in the week. Remember Wednesday’s ADP data? It thoroughly […]

Mortgage Rates Ignore Jobs Data

Mortgage Rates were slightly lower today–a counterintuitive move considering the big jobs report was slightly stronger that expected. To be clear, the headline of the jobs report (nonfarm payroll growth) was actually a bit lower than expected, but positive revisions to the previous 2 months more than made up it. The broadest unemployment metric (U-6) […]

Mortgage Rates Jump Following Strong Jobs Data

Mortgage rates moved higher at the fastest pace in more than 3 weeks today, following a much stronger-than-expected jobs report. The Employment Situation is widely regarded as the single most important economic report month in and month out. It always has the potential to move markets–especially interest rates. Economists and analysts actively attempt to predict […]

Mortgage Rates Surprisingly Steady Despite Jobs Data

Mortgage rates held surprisingly steady despite a strong employment headline. The big jobs report came out today, and it showed payroll creation at 265k versus forecasts calling for only 170k jobs. This is a substantial “beat,” and the sort of thing that would typically send rates screaming higher. The fact that rates didn’t scream higher […]

Mortgage Rates Drop Sharply After Employment Data

Mortgage rates plummeted today, relatively speaking, fully erasing the damage done 2 weeks ago after the Fed Minutes sent rates higher at the fastest pace in months. Let’s continue with that same logic. If rates moved quickly higher 2 weeks ago because the Fed Minutes suggested increased chances of a June hike, it would stand […]

Mortgage Rates Slightly Higher Ahead of Jobs Data

Mortgage rates rose modestly today, despite improvements in underlying bond markets. This was in line with our discussion about “the catch” associated yesterday’s improvements. Specifically, bond markets had weakened enough in the afternoon to suggest higher rates, yet many lenders didn’t adjust yesterday’s rate sheets. As such, we expected to see that weakness baked-in to […]

Mortgage Rates Hold Steady Ahead of Jobs Data

Mortgage rates held steady today, marking the 9th straight day without a move higher. 6 of those 9 days have seen mild to moderate improvements, ultimately bringing rates back within striking distance of 2016’s lows. Only a few days in early February have been better and from there it’s only a short distance to all-time […]

Mortgage Rates Hold Lows Ahead of Jobs Data

Mortgage rates held their ground at 8-month lows today. This time around, it was far less eventful than yesterday’s session, which saw lenders changes rates several times throughout the day (and in opposite directions to boot!). Some lenders are in just slightly better shape vs their own rate sheets from yesterday while others are a […]

Mortgage Rate Paradox: 2 Month Lows After Stellar Jobs Data

Mortgage rates moved lower today, despite an exceptionally strong jobs report–something that typically sends rates screaming higher. Recently, however, we’ve seen a disconnection between rates and economic data, and today’s jobs report was the ultimate test in that regard. Bottom line, the data was so strong that it would unequivocally have pushed rates higher UNLESS […]