Thursday, June 3, 2004

Do You Take This Rate ...For Better Or For Worse?

Things are getting a little tense for rate shoppers looking for a good match as mortgage rates inched up today. Stock market weakness and an upward revision in the labor market indicating higer levels of productivity than expected boded well for the bond market but not enough to lower rates.

The Labor Department will post May's Employment data early tomorrow morning. Fridays labor report is expected to be remain steady. An increase in unemployment and fewer new jobs than expected would likely create a stock market sell-off, leading to lower mortgage rates.

For those who made a commitment to low rates at a time when locking in fixed rates was good, life is bliss. Those who hesitated to say "I do" to refinancing are quickly finding out that things just aren't like they used to be. Tommorows Labor report will impact mortgage rates for better or for worse.