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Mortgage Rates Battle Back Despite Strong Jobs Numbers; Fannie Touts Guideline Changes

Mortgage Rates Battle Back Despite Strong Jobs Numbers; Fannie Touts Guideline Changes

Mortgage rates fought back today , following their biggest single-day jump in more than 2 years on Thursday. Today's significant event was the Employment Situation report, which actually turned out to be not too significant for the bond markets that underlie mortgage rate movement. Given that the report was slightly stronger than expected, and that stronger economic data tends to push rates higher, we can conclude that today's resilience was mostly a factor of yesterday's weakness being overdone. It's important to understand that today could have gone either way. In fact, history suggests that big, unexpected spikes like yesterday's are more typically followed by several successive days of movement in the same direction. There are contrary examples of course, but far fewer . In terms of bond
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