Atlanta Mortgage Rate Update - 5/8/2006

Mortgage rates were up very slightly last week. The beginning of the week was bad for the bond market. Strong increases in personal spending sent rates up about 1/8%. However, Friday's jobs reports indicated that there might be a slowdown in new job creation. The prediction was for there to be 200,000 additional jobs, however, actual numbers showed only 138,000. This news caused bonds to rally and eroded much of the 1/8% increase in rates for the week overall.