Jul. 6, 2007: Mortgage update, rates are moving up again Rob Chrisman
For anyone looking for a good “rent versus own” site, updated with current census and inflation numbers, check out http://cepr.net/calculators/calc_housing.html
The number of millionaires in the world increased by 8% in 2006, with about 9.5 million individuals now estimated to have more than a million dollars in financial assets, said a report by financial services group Capgemini and US investment bank Merrill Lynch. Strong global economic growth and gains on the stock market explained the expansion with Singapore, India, Indonesia and Russia producing the greatest number of new millionaires.
The market got smacked yesterday with fears of today’s employment report, the increase in the Bank of England base rate, a high jobs number from ADP, and oil moving up to and over the $72/barrel mark. Mortgage rates are up over .125% since Monday. Lastly, the 10-year Treasury note came in this morning back up to 5.14% ahead of the unemployment data.
Speaking of which, at 5:30AM PST the data came out. The current month’s data was pretty much as expected: Non-farm Payroll was +132k for June, the Unemployment Rate was steady at 4.5%, and Average Hourly Earnings were +.3% (+3.9% year over year). However, the April and May numbers were unexpectedly revised upward by 75K. And the thinking goes: more people working a stronger economy possible inflation and higher rates. The yield on the 10-yr shot up to 5.19% and 30-yr A-paper prices are worse than yesterday afternoon’s by almost .250 in price. What a way to end the week…
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