MBA: Data Revision Could Boost Rates

Doug Duncan, chief economist of the Mortgage Bankers Association, says he expects the federal government to revise employment data upward soon, and that could portend an increase in the 10-year Treasury yield and mortgage rates.Speaking at an MBA-sponsored presentation to analysts at the New York Stock Exchange, Mr. Duncan said he believes the Labor Department will revise payroll numbers upward on Feb. 6, a move that could put a definitive end to the dip in rates that prevailed during most of January and generated additional refinancing activity. "This was a sweet spot for people who missed it last June," Mr. Duncan told MortgageWire after the meeting. Most economic data suggest that employment has started growing, but payroll numbers have not reflected that yet, leading Mr. Duncan to believe the numbers are likely to be raised, he said. The MBA can be found online at http://www.mortgagebankers.org.