Mortgage rates¬†erased yesterday's losses¬†after today's jobs report, though not necessarily because of it. ¬†The Employment Situation (affectionately referred to as "the jobs") is traditionally one of the biggest sources of market movement. ¬†So when rates make a big move following the jobs report, it's only natural to assume a cause and effect relationship. ¬†That said, most of the credit for today's move goes other places.
First of all, there's the simple fact that rates have been trending so decisively higher in general. ¬†Just yesterday, I noted that we were increasingly likely to see a rebound as rates continued to push the boundaries of past precedent. ¬†In other words, rates have risen about as quickly as they ever have, and it's common for any financial instrument to blow off some steam in such cases. ¬†So that's part of today's story....(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.[img]http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=684677