Mortgage Rates Tick Up On July Employment Data
1 August 2008
Mortgage rates will increase slightly today by about .125 to the points on mixed economic reports.
The Labor Department reproted that in July the unemployment rate was not as high as had been expected. This is good news for mortgage rates. However, at the same time the number of job losses was lower than had been expected which is bad news for rates.
Additionally, the Institute for Supply Management Reported that their July Manufacturing Index came in stronger than expected. This strength in the manufacturing sector of the economy is bad news for rates.
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