Daily Market Update 6/6/08

Mortgage rates moved modestly lower Friday following the Employment Report for May showing a net loss of 49,000 jobs, and a surprising 1/2% jump in the unemployment rate to 5.5%. Rates inched higher for the week on the heals of Fed Chairman Bernanke’s comments reflecting concern over rising inflation. Further rate cuts by the Fed now appear unlikely. The dollar fell sharply against most foreign currencies over the past two days causing a spike in oil prices from $122 to $134 a barrel, adding further upward pressure on rates. Next week will be a quiet week for economic reports with the exception of Thursday’s release of Retail Sales figures for May.

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