Recession Concerns From ISM Report Bring Rates Down
5 February 2008
Mortgage rates rallied today on a shocking drop in the ISM report.ﾃつ ﾃつ The stock market has also posted significant losses.ﾃつ Rates should improve by at least 25 basis points today.
The ISM Services index is usually not an influential report to mortgage rates.ﾃつ ﾃつ However, it posted a 20% decline last month and hit a level of 44.6 which is considered evidence of a recession.
Tomorrow, stay tuned for Productivity and Costs data for the fourth quarter.
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