Mortgage Rates Drift Higher Ahead of Jobs Report
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by Trevor Sines

Mortgage Rates were slightly higher today, keeping them in line with the weakest levels in just over 5 months.  “Weakness” is relative, however.  Apart from the past 5 months, and a few months in 2012, today’s rates would rank among all-time lows.  Day-to-day movement hasn’t been extreme for the past few days, with most lenders continuing to quote 3.625% on top tier conventional 30yr fixed scenarios, and merely making small adjustments to the upfront costs depending on market movement.

Volatility could increase tomorrow, following the Employment Situation.  This “jobs report” is the biggest piece of economic data that comes out on any given month, in terms of its market-moving track record.  Its typical potency is likely limited by the election and broader global concerns that will be addressed in early December.  Even so, if the jobs report comes in significantly higher or lower than forecast, it can still cause a big stir in financial markets, potentially making tomorrow’s rate sheets noticeably different from today’s.

 

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