Rate Update October 3, 2008

Rates are modestly better but we still think there is a chance rates would move slightly lower.

As we expected (and predicted in yesterday’s ‘rate update’) the jobs report was dismal.  The report showed that the economy lost 159,000 jobs in September which was more than the 109,000 that was expected.

Ordinarily weak economic data would help mortgage-backed bonds rally leading to lower rates.  However this hasn’t happened…yet.  Watch today’s you tube video to understand why.

Links for topics discussed in today’s you tube video-
*Jobs report and mortgage rates

*Bailout plan passed?

*Fed to cut interest rates?

Current Outlook: cautiously floating

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.