Mortgage Rates: ADPJobs Preview Pushes Closing Costs Higher

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Posted To: Mortgage Rate Watch

Yesterday, we wrote "the release of the ADP Employment Report in the morning could provide some directional guidance because that data tends to be a preview of things to come in the Employment Situation Report (released Friday morning at 8:30am)." Today, we've seen what borders on a worst-case-scenario transpire with respect to that data. Rates moved up, and they moved up sharply. Let's examine how that happened and what the implications are going forward. It all boils down to NFP (shorthand abbreviation for the Employment Report stemming from the "non farm payrolls" component). At first glance, that seems odd considering it is not yet Friday morning! But considering that Friday's report not only is the first major econ data that arrives after the markets are assumed to be getting back up to...(read more)

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Source: www.mortgagenewsdaily.com

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