Mortgage rates¬†moved moderately higher today after the Employment Situation Report (aka "the jobs report" or simply "NFP," after its trademark component "non-farm payrolls"). ¬†This was a bit counterintuitive considering headline job growth was slower than expected. ¬†Closer inspection reveals that the previous report was revised for the better. ¬†This offset the current report's weakness. ¬†From there, traders focused on the stronger-than-expected wage gains--a key ingredient in the case for inflation (which pushes rates higher).
Today wasn't all about the data though. ¬†The last 6 business days saw the best winning streak for rates since the election. ¬†Some traders were simply ready to cash in that winning streak, regardless of the jobs data. ¬†That's it for bad news....(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=695697