Rates Rise After Jobs/Powell; Refi Outlook Not So Good Despite Recent Rate Drop
Mortgage rates hit the lowest levels in nearly a year as of yesterday afternoon. In general, they've had a one track mind for the better part of two months. Today brought the first real challenge to the recent trend. In plain terms, yesterday brought us the biggest single day drop in mortgage rates of this cycle and today completely erased it. As the headline suggests, today's jobs report had quite a lot to do with the bounce. Strong economic data is generally an enemy to low interest rates, but the impacts vary widely depending on the report. The jobs report is universally considered to be the most important of the monthly economic data. This one in particular was likely to be scrutinized due to recent policy comments from the Fed. It ended up being one of the strongest examples in more than
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