MARKET UPDATE: This morning the news is dominated by the Unemployment numbers. The report shows the unemployment rate stands at 9.4%, the worst rate in 26 years. However, most investors are taking note of the 345,000 jobs lost last month, much lower than the anticipated 520,000. This number reflects a significant decrease in jobs lost and points to the worst of the recession being over. With a stronger economy treasury yields will rise to attract investors, which in turn means higher rates. This morning’s mortgage rates are feeling the brunt of this news and are 0.50 worse in price than yesterday’s reprice.
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