Bonds Up On Weak August Jobs Report
7 September 2007
Today’s market rallied after weak jobs data was reported for August. Rates should improve today by .375 of a point. The Labor Department reported that although the jobless rate remained steady, the number of new jobs created actually came in at a loss of 4,000 jobs. Additionally we saw downward revisions to June and July numbers. This is strong evidence that we are in an economic slowdown, and good news for mortgage rates.
This news has led to further speculations that the Fed will cut rates at their meeting on September 18. The speculation is now not whether a rate cut will happen, but will it be .25 or .5.
FHASecure promises to help save over 250,000 US Homeowners from foreclosure.
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