Daily mortgage market update
Why Mortgage Rates Rose Despite a Weaker Jobs Report
An initially favorable reaction to the jobs report faded as investors reassessed unemployment details and other market pressures.
What happened Friday
Bonds lost their early gains and mortgage pricing worsened later in the session. The latest recap covers October 2 trading, even though the source summary page displays an October 3 date.
Why the jobs headline was not enough
Lower payroll growth initially helped bonds, but the underlying unemployment figures offered less evidence of labor-market weakness. Rising oil prices and a reversal in European market concerns also weighed on the recovery.
What this means for your mortgage
A weaker economic headline does not guarantee lower mortgage rates. Buyers approaching closing should review lock options against their payment budget and timeline. Compare pricing using the same loan amount, points, fees and lock period.
The mortgage-rate information discussed here reflects broad national market reporting and is provided for educational purposes only. It is not a rate quote, offer, or commitment to lend. Actual rates, fees, and terms vary by borrower, property, loan program, market conditions, and lock period.
Source reporting: Housing Brief / MBS Live Daily Market Summary. This page contains original summary and commentary by the Carson Home Team; source content is not reproduced.