Rate Update August 4, 2010

Mortgage rates are unchanged this morning.

Stocks are trading slightly higher and bonds are slightly lower (which should pressure yields slightly up) on slightly better than expected economic news.

Private payroll provider ADP released their version of the monthly jobs report today which showed modest gains in employment for July. Friday’s employment report is expected to show 70,000 jobs lost last month BUT 100,000 new jobs created in the private sector.  In a gradual economic recovery these figures are very difficult to predict so I will recommend locking ahead of Friday.

Current outlook: locking