Big Recovery For Mortgage Rates After Jobs Report
In discussing mortgage rates near 23-year highs yesterday, we asked if there was any hope for relief and concluded that the only question was one of timing. In turn, timing would depend on economic data an inflation. Rates got a glimpse of friendly economic data today following the big jobs report from the Labor Department. It was still very strong in a historical context, but not quite as strong as economists had predicted.
Up until then, rates were in a bit of a panic this week due to a confluence of other data and events. Wednesday was saw the biggest jump after the ADP employment data and an announcement regarding the government's anticipated borrowing needs (via Treasuries).
U.S. Treasuries are at the core of the rate market. When investors become less interested in buy
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