Mortgage ratesÃ‚Â were higherÃ‚Â to end the day, but not as high as they might have been without the Fed Statement. Ã‚Â The day began with a series of strong economic reports. Ã‚Â The ADP Employment Report was much stronger than expected, as was the employment component of the ISM Manufacturing report. Ã‚Â Investors connect those dots to increased risk of a strong number in this Friday’s all-important Employment Situation Report (the big jobs report). Ã‚Â
But jobs are good, right? Ã‚Â So why is this bad?Ã‚Â
It’sÃ‚Â notÃ‚Â bad for the economy. Ã‚Â It’s merely bad for rates.