Mortgage rates continued the trend higher this week. Today is no exception with financial markets reacting to a better than expected May Jobs Report. Payroll losses in May totaled 345,000, which was far fewer than the 520,000 that were expected. The unemployment rate did rise slightly higher than expected to 9.4%. The deceleration in job losses as well as stabilization in manufacturing and housing is evidence that we are taking the first steps to economic recovery. Stocks are relatively flat on the day while treasury and mortgage prices are lower, mortgage rates higher. Clients that have been floating their rate have lost some ground the 10 days.
Bruce W. Kessler
Mortgage Loan Officer
First Home Mortgage
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