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Mortgage Rates Relatively Unharmed, Despite Unexpected Moves in Bonds

Posted To: Mortgage Rate Watch

It was a busy week for economic data with several reports that were pertinent to the housing market. In addition to being the perennial top dog among economic reports, this Friday’s jobs report was especially important due to its role in the Federal Reserve’s decision-making process. The Fed is widely expected to announce a forthcoming reduction (aka “tapering) of its bond buying program by the end of the year. If the jobs report had been strong enough, investors thought the Fed might make the announcement a few weeks from now at the September policy meeting. But the strength of the jobs report is a matter of great debate. As far as the headline job tally is concerned, Nonfarm Payrolls (NFP) came in at 235k versus a median forecast of 728k. That’s a big miss! Poll a hundred market strategists…(read more)

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