Rates Hold Steady After Jobs Report

Despite earlier market volatility surrounding the important Employment Situation Report this morning, things have evened out into the afternoon and Mortgage Rates are essentially unchanged from yesterday's levels.  Some lenders still have pricing set slightly worse than yesterday's while others are slightly improved.  The net effect is someone of a consolidation around the 4.0% Best-Execution level.

Today's Rates: 

• BESTEXECUTION 30YR FIXED -   Centered on 4.0%
• FHA/VA - 3.75, fewer 3.875%
• 15 YEAR FIXED -  3.375%-3.5%
• 5 YEAR ARMS -  low 3% range, huge variations from lender to lender.

Today's Guidance: The jobs report is out of the way, which is a good thing for mortgage rates in the sense that it helps decrease volatility.  But there's still a few potential hiccups left in terms of finding out exactly what is going on with Greece and the Euro zone drama.  There's a vote scheduled to take place later on parliament's level of confidence in George Papandreou's leadership.  Depending on how that goes, there could be implications as to Greece's acceptance of the austerity terms that allow it to receive financial aid and avoid a more dire version of the default that many already see as having happened.  Phew...  That's a whole lot of nonsense, right?  We think so too, but can't overlook the fact that our domestic market movements continue to hang on every little headline that comes out of that situation.  As such, "stuff that happens later today in Europe" could have an impact on Monday's rate sheets in the US.  With rates at 4.0% today, risks outweigh rewards for now in terms of floating.