Another record setting day for stocks with the Dow, S&P and Nasdaq all reaching new record highs. Interestingly enough the bond market did not lose ground as stocks rose. The morning started off with the ADP jobs report which estimated that 253,000 new jobs were created in May. A moment later jobless claims were 13,000 higher for a 5 week high. Hmm. ISM was a tad weaker than expected and construction spending fell by 1.4% with the market looking for a positive number. Mixed bag to say the least.
Mortgage rates remain mostly unchanged. Who an complain with a 30 year fixed at 3.75% and 0 points! Tomorrow's Federal Jobs report could make or break rates. The ADP report beat the expectations of 185,000 by a big margin. If tomorrow's report is substantially weaker we should see rates drop a bit. If in line then the status quo remains.
It's funny when rates are volatile we complain especially when they are going up. When they stop moving we also complain that they aren't moving anywhere. Will we ever be happy ??
Share on Facebook
Share on Twitter
Construction/Renovation and Land loans
March 13, 2019
Anyone Interested in Mortgages and Flood Insurance Issues?
September 11, 2017
All in the Family: Mother-Daughter Duo Teams Up at Family First Funding LLC Private Client Group