Posted by: Wendy Harpp | October 10, 2012

Positive Tends

Mortgage rates continued to move downward last week in response the recent Federal Reserve policy shift of purchasing further MBS. Last week’s economic news was surprisingly positive. Both of the ISM’s indices showed relatively strong improvements with the Manufacturing Index jumping to 51.5 after three consecutive months of sub-50.0 readings. Any reading over 50.0 indicates that manufacturing in the US is expanding. Employment numbers were also positive. While only 114000 new jobs were created last month the previous two months numbers were revised upward an additional 86000 and the unemployment rate dipped to a four year low of 7.8%. This is much lighter week in terms of economic news and rates are likely to remain fairly level. The Fed’s Beige Book could have some impact if it reveals a less-cheery view of the economy.

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