Mortgage Rates Improve

Mortgage rates were significantly lower today, erasing a full week's worth of time spent moving higher in fits and starts.  The main event was this morning's release of the Employment Situation Report.  While the numbers were actually pretty decent, market participants were prepared for something even stronger--a fact that's evident in the recent willingness to push rates against their recent highs leading up to today. 

In that sense, a 'merely good' report on jobs wasn't strong enough to justify any additional weakness and rate sheets came out much stronger.  When adjusted for day to day changes in closing costs, rates were an equivalent of 0.07% lower today.  The most prevalently quoted conforming 30yr rate for top-tier scenarios (best-execution) is back down to 4.5 after challenging and 4.625%over the past 2 days.