Rates Higher Ahead of Jobs Data; House Votes on G-Fee Measure; Sellers Cashing Out as Housing Plateaus?

Rates Higher Ahead of Jobs Data; House Votes on G-Fee Measure; Sellers Cashing Out as Housing Plateaus?

Mortgage rates rose at a slightly gentler pace today, but that's little consolation considering that any move higher increasingly pushes into the highest levels in 7 weeks. Behind the recent trend is last week's Fed Announcement and related comments from Fed Chair Yellen this week that stopped just short of promising a rate hike in December. While the Fed Funds Rate doesn't directly control mortgage rates, all rates tend to move higher when Fed rate hike expectations increase. There were no additional sources of pain for rates today, but the general trend remains negative ahead of tomorrow's Employment Situation Report-the most important piece of economic data each month. Although a weak result might stand some chance to temper Fed rate hike expectations, thus helping rates, a decent-or-better