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Labor Data Dominates Headlines. Treasury Announces Refunding Package
News from the labor market dominates the data front for the next few days, beginning with the ADP private employment report early this morning. rnrnThe survey, just released, indicated that 371k private jobs were lost in July, a harsher figure than the -300k median forecast, but an improvement from the -473k print in June.
Mortgage Rates Fall, Still Hard to Get Loan
National mortgage rates moderated in the week ending July 31, spurring demand for new loans after a slump in the previous week, according to a weekly industry survey.rnrnThe Mortgage Bankers Association said average rates for a 30-year mortgage fell from 5.36% to 5.17% last week, their lowest level since the first week of July. The decline in rates helped refinance-related loans jump 7.2% in the week, leading the Market Composite Index ― which tracks the volume of mortgage applications ― to advance 4.4% in the week
First Monthly Servicer Report Released. Administration Wants More Agressive Action
Despite an uneven response across participating servicers, the Department of the Treasury is generally pleased with the progress achieved by the Making Home Affordable program in its first three full months of operation and is asking participants to increase efforts to implement loan modifications.
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