Mortgage Rates Surprisingly Steady Despite Jobs Data; New American Exiting Wholesale
Mortgage rates held surprisingly steady despite a strong employment headline. The big jobs report came out today, and it showed payroll creation at 265k versus forecasts calling for only 170k jobs. This is a substantial "beat," and the sort of thing that would typically send rates screaming higher. The fact that rates didn't scream higher is very telling. It suggests investors aren't merely willing to buy the bonds that help rates move lower, they're flat-out looking for opportunities. This is something of a game-changer in terms of how cautious we need to be when considering a big bounce back in rates. It doesn't guarantee immunity from a move higher, but it removes the most immediate threat. At this point, there are a few ways to proceed if you're considering locking. The first approach would
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