Mortgage rates vaulted higher today at their fastest pace since late January, after the Employment Situation showed an unexpectedly high number of jobs created in February.  The Employment Situation is the most important piece of domestic economic data each month and always has the potential to greatly impact markets.  This was indeed the case today, and it brings 30yr Fixed Best-Execution up to 3.75% for the first time since May 2012.  Lenders are still offering lower rates, but at greatly increased costs.  For every $100k in loan amount, you'd pay an extra $700 of closing costs to keep yesterday's rates at an average lender.  On average, the costs associated with 3.625% yesterday are the same costs associated with 3.75% today.

Mortgage rates are very slightly lower in many cases after surging on Friday to the highest levels in nearly 10 months.  That said, some lenders continued higher today while others were essentially flat.  Overall, the average Best-Execution rate is moderately lower today, but very close to Friday's latest levels.  That means that the shift from 3.625 to 3.75% continues to be supported so far this week.  3.75% is the highest best-execution rate we've recorded since May of 2012

Mortgage rates are mixed to lower today, but some lenders are still in worse shape than yesterday afternoon's latest offerings.  This stratification around unchanged levels belies the day-over-day changes in bond markets, including the mortgage-backed-securities (MBS) that most directly influence mortgage rates. That said, a few lenders did release positively revised rate sheets in the afternoon after a day of steady improvement in MBS.  Best-Execution is still  at 3.75% with 3.625% still viable for many scenarios.

Mortgage rates were flat on average today, but continued to be stratified depending on the lender.  In other words, some rate sheets were moderately better than yesterday's latest while others were slightly worse.  That said, most were fairly close to yesterday and several lenders improved pricing in the afternoon after a stronger-than-expected Treasury auction gave a lift to MBS (the mortgage-backed-securities that most directly affect mortgage rates).  Conventional 30-yr Fixed best-execution remains at 3.75% though several lenders are closer to 3.625%.

Mortgage rates were flat for the third day in a row, despite strong economic data and a weak 30yr Treasury Auction (two things that normally connote higher rates.  Bond markets had already weakened appreciably overnight, however, and were thus in a better position to digest the data.  MBS (the mortgage-backed-securities that most directly influence rates) clawed their way back to unchanged levels by 2pm Eastern time, and mortgage rates followed suit with many lenders "repricing" from higher rates this morning to something more in line with yesterday's rate this afternoon.  As such, Best-Execution remains at 3.75 with 3.625% close by.

Mortgage rates improved modestly, capping a week that's seen rates either move sideways or slightly lower every day.  Today's stability and ultimately, improvements came as the result of uneventful overnight trading and a small surge in "asset allocation" trading out of stocks and into bond markets after stocks opened.  General bond market strength benefits MBS, the securities that most directly affect mortgage rates.  Weaker-than-expected Consumer Sentiment data continued to keep demand high for less-risky assets, ultimately leading many lenders to offer improved rate sheets in the afternoon.  The net-positive week brings 3.625% back into focus as a Best-Execution rate, but 3.75% is more prevalent.  Lower rates are available for increased upfront costs, but this becomes less and less efficient from 3.625%.