Rates
Well this week we saw less news out of Iraq and Ukraine, so the bond traders focused more and more on US economic news, and boy what at GREAT week for the US economy, thus a bad week for rates.
Some of the economic news:
-Chicago PMI 62.6 vs est. of 63, slightly less but not bad.
-Pending home sales, up 6.1% vs est. of 1.5%
-ISM manufacturing, 55.3 vs est. of 55.8, close enough.
-Total auto sales, 17M vs est. of 16.4M, killer number.
-ADP private payroll, 281K, vs est of 205, another GREAT number.
-US non-farm payroll 288K vs est of 213K and last 2 months were both revised up.
So it was all about jobs and productivity this week and the numbers are HUGE, what really makes these numbers even bigger, is we have added 200k+ employees for 4 straight months.
And if you go back, way back in my blogs, I indicated that when we get close to that 300K mark or over, things are really going to in the economy.
No floating now, lock them.
IHA Changes
IHA is marking a minor change to their files, if you are doing any of the 100% financing files, IHA will want the borrower to come in with a minimum of .05% into the transaction, so $500 for every $100,000 borrowed.
Slight change, shouldn’t affect too much.
Keeping it short today, Have a GREAT 4th of July Weekend!