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
Current Outlook: cautiously floating