Mortgages rates are unchanged to slightly higher today.  The change is so minimal that for all intents and purposes, you might as well consider rates "unchanged."  This is a rather remarkable accomplishment considering tomorrow's Jobs report because it means that, on average, rates have held their narrowest range between any two Jobs reports since we started keeping track.  Despite that flatness, Best-Execution rates for 30yr Fixed Conventional loans eased down from 4.0% to 3.875% during that time, and that's where we sit again today.  This is also the lowest stable Best-Execution rate we've recorded (read more about Best-Execution calculations). 

It feels like we've harped on the high-risk nature of tomorrow's Jobs report (NFP) ad nauseam.  You can see the various iterations of that harping in commentary from yesterday and beyond, but the key points are these:

  • NFP is not a guarantee of big movement, but as far as economic events go, it has as much potential to move rates markets as anything.
  • Rates have been at all-time lows in terms of Best-Execution and the costs for those rates have been near all-time lows.
  • Rates have approached and bounced higher from current levels several times now without breaking lower.
  • Tomorrow's report could cause rates to improve if the report is weak, but probably not as fast as a strong report could cause rates to deteriorate.
Whatever the case and however you're approaching tomorrow, we have little else to say about it apart from what's been said.  Because of this sense of repetition, we're working hard to bring new voices from the mortgage origination community into this commentary.  Let us know what you think.