Mortgage Rates Bounce Higher After Jobs Report
Posted To: Mortgage Rate Watch
Mortgage rates moved higher today following higher-than-expected job creation in a report from the Labor Department. The Employment Situation (aka “the jobs report”) is the most important monthly economic report.
That’s especially true for interest rates as no other data is as consistent a source of guidance and volatility. Today’s was no exception. In fact, it was being watched a bit more closely than normal because last month’s report raised concerns about a potential shift in labor market trends. A separate report from the private payroll firm ADP only added to the concern on Wednesday when it suggested a weaker payroll count for June.
But the official jobs number surged right back to the high levels that have characterized what is now the longest running economic expansion… ever. Although…
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