Mortgage rates were pushed higher for the 3rd day in a row following an incredibly strong jobs report.  For decades, if you were to ask anyone with a reasonable level of experience following rates/bonds to pick one economic report that bonds care about more than all others, the jobs report would basically be the only answer.  There isn't even a close second.

In fact, as far as economic data goes, the jobs report is still at the top of the heap.  That said, it's typical impact has been lessened for two reasons.  First off, ALL economic data is being taken with a grain of salt because traders assume things will change in some unforeseeable way after the US/China trade negotiations run their course.  Additionally, the jobs market has simply been very strong for a very long time, so unless it begins showing signs of sustained weakness, it isn't really offering much by way of new insights.

Today's report, however, was so strong that traders were compelled to react. They just didn't react as much as history would suggest.  The average lender moved rates higher by an amount frequently seen on regular old days with no meaningful economic data.  While this does mean we're at the highest levels in more than 3 weeks, the same was true yesterday.  In the bigger picture, the rate range has been narrow and these 3 week highs are still pleasantly close to long-term lows.

Today's Most Prevalent Rates For Top Tier Scenarios 

  • 30YR FIXED -3.75 - 3.875%
  • FHA/VA - 3.375%
  • 15 YEAR FIXED - 3.375% 

Ongoing Lock/Float Considerations 


