Rates Rise On Strong Employment Data
2 May 2008
Mortgage rates increased by at least .375 to price today on an unexpectedly strong Employment report for April. The Department of Labor reported that the unemployment rate fell last month, as did the number of job losses. Both numbers were expected to be an increase over March.
Additionally, March Factory Orders came in stronger than expected. Taken together, the reports show signs of an improving economy or at least a job and production economy that is not as weak as had been expected. Pressure is now on rates to rise.
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