Rates Finally Rise Ahead of Jobs Report

Mortgage rates have generally been falling since May 21st and have done nothing but move lower for more than 2 weeks.  That winning streak finally came to an end today with the average lender moving up 0.06% for a top tier 30yr fixed quote.

While that’s a moderately big jump for a single day, if we remove the past 4 days from the equation, today’s rates would still be the lowest since early April.  In other words, we’re still in solid shape in the bigger picture.

Additionally, we’ve increasingly expected rates to bounce as the recent winning streak persisted. As of yesterday, it was up to 11 days and the odds of a bounce rise sharply after about 5-8 days. 

Last but not least, it’s also not uncommon for rates to “circle the wagons,” so to speak, if they’re in the…