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Mortgage Forecast for the Week

Several reports that are scheduled for this week could determine whether Bonds and home loan rates can manage a bigger comeback than they did last week. Definitely stay tuned for the Department of Labor’s big Jobs Report scheduled for Friday, which will show the number of jobs lost or gained in July. Remember: The Department of Labor averages their numbers, and part of each month’s report includes “revisions” to the several prior months’ numbers. A positive report could be good news for Stocks, but bad news for Bonds and home loan rates, so it will be especially important to see what numbers are posted on the “scoreboard.”

Also keep an eye on Thursday’s Gross Domestic Product (GDP) report from the Commerce Department. GDP is the broadest measure of economic activity…and since good economic news typically causes money to flow into Stocks and out of Bonds, this report will be important to watch. Remember when Bond prices move higher, home loan rates move lower…and vice versa. It will be important to see if this week’s news can help or hinder Bonds and home loan rates in their attempt to bounce back.

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