Rate Update 2008-05-02: Rates Jump on Strong Employment Report
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- Paul King - MortgageLoan.com
Bonds were sharply down and rates increased following stronger than expected jobs data, signifying renewed concerns about inflation. Rates will increase at least .375 to price today.
The Labor Department reported that April's unemployment rate actually fell when it had been forecasted to rise. They also posted much weaker than expected job loss numbers. This is evidence for a stronger job market than expected, and is bad news for mortgage rates, renewing concerns about inflation and economic recovery.
March Factory Orders also came in stronger than expected, adding to the inflationary concern.
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| Loan Type | Today | +/- |
|---|---|---|
| 30 yr fixed | 3.80 | |
| 15 yr fixed | 3.10 | |
| 5/1 ARM | 2.73 |
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