Mortgage bond prices fell last week applying upward pressure to interest rates. Rates were under pressure all week as traders anticipated the employment report that was released Friday. The report indicated continued job growth that sparked concerns that the Federal Reserve will raise rates again. This data hurt the already battered mortgage bond market.
For the week, interest rates on government and conventional loans rose about 1/2 of a discount point.
Connie Echeverria
Loan Officer
Prosperity Mortgage Company
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