Rates Up as Dollar Hits New Lows
3 March 2008
Mortgage rates increased today over concerns in international financial markets about the plummeting value of the US Dollar, and concerns in general about US inflation and the willingness of the Fed to continue to lower interest rates. Rates will rise today approximately .25 to price.
The ISM (Institute for Supply Managment) reported weaker than expected data for February this morning. Although this is good news for mortgage rates, it was overshadowed by the international concerns.
Up on Wednesday are several reports including the Q4 2007 Productivity Index, February Factory Orders (both these reports measure manufacturing productivity) and the Fed Beige Book which gives regional insight about the US economy.
Friday is the February Unemployment Report from the Department of Labor, the most important report of the week.
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