Rates Edge Lower After Jobs; Shift to Condos Won’t Hurt Prices; Connecting Fraud Risk to Rates; Investor Share Returning to Normal
Mortgage rates made an anti-climactic move lower today after the big jobs report proved slightly disappointing to markets. Stocks and bond yields both fell after the Bureau of Labor Statistics said only 223k jobs were created in June compared to a negatively revised 254k in May. Perhaps even more of an issue was the drop to 0.0 percent wage growth versus forecasts of 0.2 percent. The Fed has recently expressed interest in wage growth as one of the signs that economy is ready for a rate hike. After the data came out, options trading suggested the median Fed rate hike time frame moved into 2016. It had been September 2015 until today. Of course the Fed's eventual rate hike doesn't have a direct bearing on 30yr fixed mortgage rates, but it has all the bearing in the world on the short term money
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