Market Commentary | July 5, 2013
by Caliber Funding or special contributors on 07/06/13
Weekly Update | July 5, 2013
After a gradual downturn throughout the short trading week of the July 4th holiday, mortgage rates took an extreme turn for the worse Friday morning, as Nonfarm Payrolls shattered expectations at 195,000, versus their 165,000 estimate. The previous month's Nonfarm Payrolls were also revised to shatter expectations, from 175,000 to 195,000, further fueling extreme pressure on rates. Although Unemployment remained worse than expected at 7.6%, versus its 7.5% estimate, such increases in payrolls were enough to drive mortgage momentum, as they strongly support early Fed-policy tapering.
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