Rates Still Singing Same Sideways Tune

Rates began the week with a recovery from Friday's Fed-induced volatility, but never moved significantly lower. This Friday's jobs report was to be the next flashpoint for potential volatility, but Thursday's ISM manufacturing data was so weak (weak data is generally good for rates) that it removed much of the risk associated with the jobs data. Indeed, even though bonds weakened following the jobs data (which implies higher rates), there wasn't remotely enough movement to be concerned about. Only a few lenders even changed rates during the day. This is very much consistent with the ongoing theme of incredibly narrow range-trading in the bond markets that underlie mortgage rates. Many lenders are quoting the exact same rates and fees as they were this time time last week. -Matt Graham, Mortgage

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