Lenders Improve Mortgage Rates as Stocks Panic. Locking Ahead of Employment Report
Posted To: Mortgage Rate Watch
Mortgage rates extended their streak of moving sideways near the most aggressive levels of the year yesterday. Although prices of mortgage backed securities were moderately weaker at the end of the day, lenders were not forced to reprice for the worse, leaving rates unchanged at the end of the day but marginally worse than the previous day. All was generally quiet in the interest rate market….until today. First out this morning were Weekly Jobless Claims, released by the Department of Labor at 8:30am. This report gives us three measures on the number of Americans who filed for first time unemployment benefits in the previous week. Since our economy is driven by consumer spending, higher unemployment leads to less spending which is a negative for the stock market and generally supportive of…(read more)