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Mortgage Rate Lock advisory for Friday, November 5, 2010
If you are considering locking an interest rate for a New York or Florida Mortgage consider this post.
Friday’s bond market is trading in negative territory after this morning’s highly important employment data showed stronger than expected results, but is well off of earlier lows. The stock markets initially looked to be moving much higher after the data was released, but they are now showing minor gains of 8 points in the Dow and 3 points in the Nasdaq. The bond market is currently down 6/32, however, this is much better than early morning levels that would have probably led to a spike in mortgage rates. Instead, we should see an increase in this morning’s rates of approximately .125 - .250 of a discount point. Considering what this morning’s report showed, this is good news.The Labor Department gave us this morning’s major economic news. They announced that the U.S. unemployment rate remained at 9.6% last month as it was expected to. The bad news came in the number of new jobs added to the economy. Today’s report r evealed that 151,000 jobs were added when only 60,000 were expected. It also showed that September’s job loss was reduced by 54,000 jobs, ... more

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