Mortgage Rates Drop Sharply as Jobs Report Puts Fed on Hold; Do CFPB Payday Loan Proposals Affect Residential Lending?
Mortgage rates plummeted today, relatively speaking, fully erasing the damage done 2 weeks ago after the Fed Minutes sent rates higher at the fastest pace in months. Let's continue with that same logic. If rates moved quickly higher 2 weeks ago because the Fed Minutes suggested increased chances of a June hike, it would stand to reason that rates should fall if something happened to decrease the likelihood of a June hike. As it happens, that's exactly what this morning's jobs report did! In general, the Fed can afford to tune out employment data because employment data has been so reliably strong and steady. But this morning's employment data was SO weak that it could understandably give the Fed pause in rushing to hike rates in June. Of course we've already talked about how overseas events
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