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Home Lending Market Update
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June 6, 2005 LOS ANGELES --
Last
week delivered some mixed economic news which, as seen in
rate sheets, throttled
home loan interest rates to
a dramatic low point. We saw a decrease in the unemployment rate which seemed to
at least partially catalyze the Conference Board's Consumer Confidence index's
movement upward. Many economists anticipated a downward fall.
On the manufacturing side of things we saw indicators drop once again, as
layoffs increased. Predictions for job creations for the month of may were
turned upside-down when reports were released indicating on 78,000 new jobs were
created in May as opposed to the forecasted
190,000.
This week seems to offer little economic news which could sway the markets
significantly. We will rely on last week's economic releases to be the largest
factor swaying mortgage rates this week.
For the uninitiated:
Weaker economic news generally pushes mortgage rates lower. Don't get too
excited, however. With interest rates at these low points, expecting them to
plummet much further than they are at present may be a pipe dream. If they do
run lower it will more than likely be in small chronological pockets. Rates
could continue to inch their way downward as an after effect of the weak jobs
report. Mortgage Rate News Column by
Nolan Voight, Industry
Analyst and Columnist.
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