Mortgage Rates Push Up to New 2-mo Highs

Mortgage Rates moved higher again today, reaching levels not seen since September 17th--the day before the Fed Announced "no change" to QE asset purchases. The mortgage-backed-securities (MBS) that most directly affect rates stood ready to move either direction based on this morning's economic data. The most important report on the calendar was the ADP Employment Report, widely regarded as the best early indicator of the all-important Employment Situation Report due out this Friday. ADP's numbers were stronger than expected, causing markets to adjust their expectations for Friday. In this case, that meant selling MBS, which causes lower prices and higher rates.

Read more at CallTheMoneyMan.com