Mortgage Rates Edge Slightly Upward

Mortgage rates were just a tad bit higher today, but basically in line on what they have been the last few days.  After hitting the low point several weeks ago for 2017, rates have inched themselves upward to a new leveling ground and have become stagnant.

There are several key data points out this week, and like always, I am the most conservative when it comes to Jobs Report Week.  Even with the precursor of ADP on Wednesday, we had seen even then that when that report comes out, it can also cause an uproar.  With this, and the various key data reports due out, we have another issue overseas that will be out there for traders to ponder.  The runoff in France will come about this weekend, and that could bring some issues come Monday next week, but the preparation and positioning will begin sometime in the next day or two.

In summary, rates trudged upward slightly today, as markets await Wednesday's Federal Reserve statement.  We have been in a pretty narrow range for the past week, the hope is that last Tuesday's 2.33% treasury yield will serve as a ceiling (current yield is 2.32%).  With both a Fed Statement and NFP jobs report this week, there is a lot of data for markets to dissect.  Floating takes some risk tolerance here, but do not get too greedy.