Market Update----RATES INCREASE October Non-Farm Payroll report was released this morning and the jobs report crushed expectations. In October, 204,000 jobs were added which eclipsed market forecast of 125,000. Septembers employment report was revised up by15,000 jobs and August up 45,000. With Octobers 204,000, that makes the average three month growth 201,000, well above the six month average of 173,000 all pointing toward an improved national employment picture. This mornings news was detrimental to mortgage bonds and mortgage rates saw an overnight increase of .125%-.250% as a result of this report.
Posted on: Fri, 08 Nov 2013 18:24:07 +0000