Mortgage bond prices were significantly lower last week, which pushed mortgage rates higher. Rates got crushed Tuesday morning. ISM Index came in at 55.7 versus the expected 53.6 mark. The losses continued Thursday following the weekly jobless claims figure that beat estimates. Jobless claims came in at 323k versus the expected 333k mark. News reports focused on the possibility of the Fed tapering MBS purchases as early as the September meeting later this month. Some of those fears were alleviated Friday morning with the weaker than expected payrolls component of the employment report. Non-farm payrolls rose 169k versus the expected 177k increase. Unfortunately, mortgage interest rates finished the week worse by 7/8 of a discount point despite the positive movement Friday morning.
This post was contributed by a community member. The views expressed here are the author's own.
We’ve removed the ability to reply as we work to make improvements. Learn more here
The views expressed in this post are the author's own. Want to post on Patch?
More from La Grange
Crime & Safety|
Suspicious Activity Reported In La Grange Park
