Well, after a bit of a increase in the 10 year treasury yield, prices have come back down closer to yesterday afternoon’s close, which is a good thing. 

There is a lot of economic data that has come out this week.  The retail numbers were a little discouraging because traders hoped for more positive numbers from back-to-school shopping.

The President of the Philadelphia Fed, Charles Plosser said yesterday that rates would have to rise rapidly to stave off inflation.  In a follow-up question he was asked if these rate increases would happen in 2009 to which he replied, “probably not.”  As for the possibility of rates increasing next year he said, “we’ll have to wait and see how the recovery evolves.” (credit: http://www.cnbc.com/id/32668009).

The jobs report comes out tomorrow morning.  My advice would be to lock loans prior to that report. 

Have a wonderful Labor Day weekend and check back for any rate updates!

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