Mortgage rates completely defied the odds. They even defied convention. Specifically, they managed to move appreciably lower even though today’s big jobs report basically told them not to.
This is a big deal for several reasons. The jobs report is historically the most important economic report on any given month as far as interest rates are concerned. Granted, it’s had a bit less impact than normal recently due to the persistently strong readings (i.e. solid job creation is old news), but rates have nonetheless been willing to move in a logical direction when the reports have been much stronger or weaker than normal.
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Source: mortgagenewsdaily.comNew feed