Mortgage Rates Tumble to 1-Month lows After Jobs Report
Mortgage rates fell abruptly today, following a significantly weaker than expected Employment Situation report. The data hit markets before most lenders had rates available for the day, but most of them still held back on the first round of rate sheets. As trading levels in the secondary mortgage market only improved into the afternoon, lenders released new rate sheets reflecting more of the day’s movement. Ultimately, it’s been enough to bring 4.5% back into view as a best-execution rate, though 4.625% remains at least as prevalent.
Today’s movement ends up being fairly uncomplicated. Heading into late December, rates leveled-off into an extremely flat pattern. This carried into the new year and it became increasingly clear that it would be up to today’s big jobs report to cast a vote for the next move to be higher or lower.
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