Mortgage Rates Fight Back

Mortgage rates finally catch a break today, but it still was not an easy feeling as I watched the ticker all day long seeing it down for most of the morning, then go up as the FOMC minutes were released, then head down before ending on a positive note.

Just 10 days ago, I was writing that it was a bit too quiet out there, and my reports kept on saying the same thing, as there was barely a ripple in the water for that period.  Then last week into Monday, we had a five-day stretch that had not been seen since the Presidential elections.

Today was the first day that bond markets could fight back.  Overall, the rates stayed the same as most banks were either catching up from the short day on Monday, or holding pace to see what tomorrow brings. The 10yr slipped to 2.34%.

While it's nice to see rates fighting back a bit, we are not necessarily out of the woods just yet.  There are important economic reports coming up in the next two days that could have an impact on bond markets.  Friday's jobs report is the headliner.  If rates make it through Friday morning at current levels or below, the recent trend toward higher rates would be officially defeated.