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Mortgage Rates Side-Step Ahead of Jobs Report

Mortgage rates were sideways to slightly lower today, depending on the lender.  The discrepancy stems from mid-day bond market gains that were just barely enough for a few lenders to go to the trouble of revising their mortgage rate sheets before the end of business.  In other words, if bonds were to hold in similar territory by tomorrow morning, we'd likely see most lenders offering slightly better deals.

There's a big question mark over tomorrow morning, however, due to the important jobs report set to be released at 8:30am ET.  This is traditionally the most important economic report of any given month when it comes to interest rate reactions.  While it can occasionally fail to cause a stir, it should always be respected for it's volatility-inducing potential. 

The timing of the data means that any major reaction in markets would occur before almost any lender is able to publish mortgage rates for the day.  As such, there's no guarantee that today's rate quotes will be available tomorrow.  Of course, if the data helps bonds, rates could actually be better, but the risk associated with this data is that any move (higher or lower) could be bigger than normal.

This Daily Mortgage Rate Update is provided in partnership with Mortgage News Daily.