AgentIndustry News

Mortgage rates plummet

Job gains weak in July
Published on Aug 9, 2004

Mortgage rates fell a quarter-percent in the nanosecond after the release of July payroll data Friday, and 30-year low-fee deals are 5.75 percent for the first time since last winter. The employment market is deteriorating, July worse than a poor June: only 32,000 new jobs, versus absurdly mistaken forecasts for a 300,000-plus gain. Casualties and collateral damage are mounting. If the economy really is stalling out, President Bush is in terrible trouble – even though Democratic hopeful John Kerry has no proposal likely to make things any better soon. If the economy really does stall, Jimmy Carter could beat Bush. For that matter, so could Rosalynn. The Fed will meet on Tuesday; as of Thursday, with every intention of continuing its "March to Neutral," tacking the next .25 percent onto the Fed funds rate, presently 1.25 percent. As of today, the Fed still has most intentions of doing so, but it also has new and certain knowledge: no matter what it does, it will look stupid. ...

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