Mortgage Rates Volatile

Look for mortgage rates to return to a state of volatility after yesterday's upward spike. The markets will be looking at negative indicators in a positive (or less bad) way. Non-farm payrolls show a slowing of jobs loss, but rise to the highest levels (8.9%) since 1983. In addition, the Bank Stress Test are showing that stability may be returning to the financial services industry, but several have the task of raising billions more in additional capital for a tentative private investment sector. Look for mortgage rates to bounce around a bit today and maybe reverse some of the mortgage rate increase from yesterday.