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Rates Fall Despite Strong Jobs Data; Big Drop in Mortgage Apps Chalked Up To Holiday Adjustments

Rates Fall Despite Strong Jobs Data; Big Drop in Mortgage Apps Chalked Up To Holiday Adjustments

Mortgage rates moved respectably lower today, nearly making it to the best levels in a month. Whereas the average conventional 30yr fixed quote had been creeping up toward 4.25% at the end of December, we're now easily back to 4.0% for most lenders. It should be noted that there continues to be more variation between lender quotes during this time of year, but we are seeing signs that things are getting back to normal as business picks up after the holidays. Today's improvement is all the more impressive considering the fact that this morning's employment data from ADP was much stronger than expected. ADP is one of the leading forward indicators for Friday's big jobs report. Typically, a stronger than expected result is bad news for mortgage rates. Today, however, rates weathered the storm
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