Mortgage Rates Officially Hit 2- Month Lows After Jobs Data
Date : 04/03/2015
Mortgage Rates Officially Hit 2-Month Lows After Jobs Data April 3, 2015 - Mortgage News Daily
Mortgage rates scored a major victory today at the expense of the labor market. Recent examples of the Employment Situation Report (the big "jobs report," which dwarfs all comers in terms of significance) have been surprisingly strong. That presented major problems for rates in February and March as it ramped up expectations for a Fed rate hike. But those expectations have come crashing down in the past few hours. This report wasn't just moderately weaker, it was the biggest month-over-month drop in well over a year. The bond markets that underlie mortgage rate movement responded immediately, moving to the best levels in nearly 2 months. As for mortgage rates themselves, lenders offerings actually matched those seen on Feb 3rd, making for official 2 month lows (hey... February is a "month" too. No one said anything about "61 day lows"). Most lenders are now down to 3.625% in terms of the most prevalent conventional 30yr fixed rates for top tier scenarios. With this data and this market movement, things are just getting interesting in 2015! There's always a risk that rates will move higher, but days like today suggest that such a move is, by no means, a foregone conclusion.
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