Financial Update by Maurice Soussé

Interest rates have been all over the map this week moving up and down over a .25% in each direction. The jobs report this morning showed a revision to March’s non-farm payrolls down from 126k to 85k jobs.That is a big revision and signifies a dismal sign of recovery. The unemployment numbers fell to 5.4% from 5.5% which was in line with expectations. Decent reports throughout, but hopefully not a sign the FED needs to push rates up sooner rather than later. As I have been saying, we are at near lows on mortgage rates and borrowers must get locked in right away.

In good news the stock market closed up 267 points today, the 10 year treasury fell back down to 2.14 from earlier year to date highs, and Tiger Woods made the cut at the Players Championship. All in all a great week.

James Sharp said “Surmounted difficulties not only teach, but hearten us in our future struggles”.