Rate Update May 2, 2008
Every once in a while we get it right and yesterday we certainly called the right play on the monthly jobs report strategy. Although the report showed a 25,000 job contraction in April it was still enough to beat analysts’ expectations which were calling for 75,000.
As a result mortgage rates have moved higher. The second half of our prediction was that mortgage rates over the next 2-3 weeks would rally back pushing rates back to or even lower than they were mid-week.
Current Outlook: locking in near-term, floating long-term