Mortgage Rates Hold Steady Ahead of Jobs Data; Mortgage Credit Declining; Big Picture for Bonds

Mortgage Rates Hold Steady Ahead of Jobs Data; Mortgage Credit Declining; Big Picture for Bonds

Mortgage rates held steady today, marking the 9th straight day without a move higher. 6 of those 9 days have seen mild to moderate improvements, ultimately bringing rates back within striking distance of 2016's lows. Only a few days in early February have been better and from there it's only a short distance to all-time lows from 2012. Most lenders continue quoting conventional 30yr fixed rates of 3.625% on top tier scenarios, but a few are already back down to 3.5%. With the impressive run we've seen so far in addition to the outright levels being close to the year's lowest, there's limited incentive to delay locking. To be sure, rates can definitely continue to move lower, but past precedent suggests the current scenario is typically a better locking opportunity. Tomorrow brings the important