Posted To: Mortgage Rate Watch

Mortgage rates completely defied the odds. They even defied convention. Specifically, they managed to move appreciably lower even though today’s big jobs report basically told them not to. This is a big deal for several reasons. The jobs report is historically the most important economic report on any given month as far as interest rates are concerned. Granted, it’s had a bit less impact than normal recently due to the persistently strong readings (i.e. solid job creation is old news), but rates have nonetheless been willing to move in a logical direction when the reports have been much stronger or weaker than normal. So why didn’t they do that today? The bottom line is that the US jobs market is not a big risk, nor a big driver of growth for the global economy. China, on the other hand, is…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: Mortgage News Daily