Mortgage charges are pushed by motion within the bond market and bonds take cues from financial information, amongst different issues. The month-to-month jobs report is routinely essentially the most carefully watched financial report so far as bonds are involved and Friday’s triggered a big quantity of bond shopping for (which, in flip, pushes charges down).
Friday’s response was so huge that the common mortgage lender did not absolutely alter their price choices to match the market motion. This is typical of very massive swings in bonds. It additionally meant that we merely wanted at present’s bond market ranges to carry regular to ensure that charges to proceed decrease and that is precisely what occurred.
In reality, bonds finally improved only a hair, however even earlier than that, mortgage lenders had been out with their lowest charges since early October.
