Florida Mortgage Rates – Morning Report

by Florida's #1 Mortgage Planner on September 5, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +16bp

As I suspected from the beginning of the week (check out my weekly update on Lenderama), we got a very favorable report from the jobs front today.  We still have to use caution as the rubber band stretches, but we are most definitely looking good right now.  If you remember, I also talked about how the ADP report is sometimes way off in its predictions about the jobs numbers.

The ADP report predicted a better than expected payroll report, and it came in worse.  More importantly, the Unemployment Rate jumped dramatically to 6.1%, very good news for mortgage bonds.  The other aspects of today’s data are mixed with Hourly Earnings creeping up slightly and Average Work Week increasing slightly.

So, what does it all mean?

American workers are being more productive with only slightly higher pay and much less jobs available for the rest of the public!!!

That is good news for mortgage bonds and they are rallying through more resistance to bring lower mortgage rates as expected!!! 

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