Bad week for rates.
This morning the Employment report came in much better than anticipated and there were revisions to previous reports that in effect show the jobless report is not as bad as originally thought.
Today the market was expecting a report that would show a loss of 130,000 jobs and a 10.2% Unemployment rate. The actual number was 10% with only 11,000 jobs lost for the month.
This causes a sell off in the credit markets that drive the price down and the yield up.
So this week has been a bad week for interest rates. Just yesterday the reports in the news show "LOWEST RATES EVER" Well Folks, that was so last week! Almost every day this week we have had rates getting worse. Rates are still great, but just not as good as last week.
Have a great week End.
Rob
Mortgage Banker
www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf
(732)223-1630 x102
Since 1987 I have been helping my clients fulfill their dream of home ownership!
Real Estate Mortgage Network
NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey
Comments(4)