The U.S. Treasury market is selling off sharply this morning on better than expected economic data and indications the ECB will step up efforts to bailout floundering EU economies.
In a precursor to Friday’s employment data, ADP released its report reflecting private job growth of 93,000 in November, while revising October by + 50,000. The news from the mortgage sector was not so good as the Mortgage Bankers Association reported mortgage applications fell 16.50%, driven mostly by a 21.6% drop in refinance activity.
It seems folks have been spoiled by mortgage rates at 4% or slightly lower, but keep in mind interest rates at 4.375% or 4.50% are not that bad, right!?
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