Modest Increase in Rates is a Win. Here's Why

Mortgage rates moved 0.03% higher today. On almost any other day, this would be a bit of a bummer, but in today’s case, it’s a victory. There was a ton of potential volatility in the underlying bond market heading into the day due to the scheduled release of the big monthly jobs report. In addition, rates had taken a bit of an anticipatory lead-off ahead of the data (or at least it looked that way). The implication w…