Rates Higher Despite Slower Job Growth; Fannie Index Reflects Housing Market Caution; Credit Availability Improves
Mortgage Rates were modestly higher today, despite a weaker-than-expected Employment Situation (aka NFP, nonfarm payrolls, or simply "the jobs report"). NFP is the most important number on any given month in terms of market-moving economic data. When NFP is lower than expected, rates tend to move lower. Even though today's NFP didn't fall too terribly short of forecasts, rates nonetheless made a counterintuitive move higher, confirming the generally pessimistic attitude in the bond market at the moment. The modest increase in rates means we continue to operate at the highest levels in more than 3 months. Most lenders than had been quoting 3.375% on conventional 30yr fixed scenarios are now up to 3.5%. Many have moved up from 3.5 to 3.625% . While there are some early signs that a ceiling could
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