Mortgage rates¬†recovered today, moving sideways to slightly lower after losing ground over the past few days. ¬†Today's focal point was the Employment Situation--the big "jobs report" for the month of April. ¬†Job creation ended up slightly stronger than expected (211k new jobs created versus a median forecast of 185k). ¬†
Stronger jobs data typically puts upward pressure on mortgage rates, but in today's case, there were some mitigating factors. ¬†The biggest mitigating factor is that rates have simply been moving in a very narrow range, and all the ups/downs we've been discussing in recent weeks aren't tremendously consequential for the average borrower. ¬†Beyond that, 211k vs 185k isn't a very big "beat" (+26k). ¬†Moreover, the last report was revised from 98k to 79k--a 19k drop, almost fully offsetting the 26k beat....(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.