Rate Update June 4, 2010

Although mortgage rates have yet to improve on investor’s rate sheets thus far we do expect them to later today.

This morning’s jobs report from the Bureau of Labor Statistics was disappointing.  It showed 431,000 jobs created in the month of May BUT only 41,000 of those were generated in the private sector (the rest were temporary US Census workers).

As I had outlined in yesterday’s ‘rate update’ a lower than expected private jobs number would support bond prices and help keep rates low.  The Dow Jones Industrial Average is currently down almost 200 points.

We will float from here.

Current outlook: floating