Market Analysis

The bond market correcting early today (for the worse) after the April nonfarm payroll report showed only 20,000 jobs lost instead of the 80,000 expected.  Additionally, the unemployment rate inched down to 5.0% instead of up to 5.2% as expected.  Finally, March factory orders were up 1.4% instead of the expected .2% increase.  All of this better than expected economic news supports the expectation that the Fed may be done cutting rates and that the new concern for the Fed will become stemming inflation.  The futures market is already starting to place bets on when the Fed will start increasing rates.  Even though the market is recovering some of the losses from this morning, we think it is safer to lock right now than to float if you are closing within 30 days.  If the market turns back around, we are able to renegotiate once and get within .375 points in closing costs of current market.  For example, if the market improves to 5.625% with 0 points, we can renegotiate once to 5.625% with .375 points.  If you would like to lock with us, the first step is to be pre-approved.  You can access a short application form at http://www.ironharbor.com/xSites/Mortgage/IronHarbor/Content/UploadedFiles/Iron%20Harbor%20Short%20Application.pdf
Posted by Matthew Breston on May 2nd, 2008 12:05 PMPost a Comment (0)
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