Weekly Information 01/10

Mortgage interest rates were mostly flat on the week despite generally stronger than expected economic data. Economic reports better than expected included November Construction Spending, November Factory Orders, and the December ISM Services Sector Index. The ISM Services Sector Index increased to 57.1, the highest level since early 2006. Employment data was mixed. The December ADP Private Jobs Report showed job gains of 297k on expectations of 100k job gains. However, today’s employment report for December from the Bureau of Labor Statistics showed gains in non-farm payrolls of 103k on expectations of a gain of 160k non-farm payrolls. Private non-farm jobs increased by 113k on expectations of an increase of 180k jobs