It was a busy week in economic news, and the rates show it.
Tuesday we got a revised GDP for October up to 5.3% from 2.9% – wow did the US start producing or what? Such a big jump was not “mortgage interest rate friendly”.
Wednesday the ADP payroll number came out adding 216,000 jobs to the economy, income up .06% and spending was up .03%
Thursday the November ISM index was announced at 53.2% up from 51.9% – not mortgage interest rate friendly.
Friday the much-anticipated November payrolls number came out at 178,000, the jobless rate fell from 4.95 down to 4.6%, and average hourly earnings were down .01%. This was not as strong as expected, and helped rate to swing back a little, but nowhere near enough to wipe out the increases earlier this week.
So lots of good news which was bad for rates. See the historic chart on rates from 2 weeks ago to give yourself perspective that these rates are still historically low.