Bonds Rapidly Repricing Reality After Jobs Report (UPDATED)

Bonds Rapidly Repricing Reality After Jobs Report Yes, today was "just one" jobs report. And yes, there are many examples of subsequent reports signing a different tune in cases like this. But today's astonishingly large bond rally wasn't only about today, nor was it only about this week. Bonds are in the process of repricing an updated reality and correcting from the uptrend in rates seen in the first 4 months of the year. This began as early as the month of May. The past few weeks have put a bit of an exclamation point on the shift with inflation data leading the charge. From there, the past few days have done the same via a combination of Powell stepping out of the market's way and now today's "food for thought" jobs data. Bottom line: if inflation falls any more and if labor market trends continue at even a slow pace in the same direction, the Fed is behind the curve on cuts and the market is trading accordingly until the data says otherwise. Econ Data / EventsNonfarm Payrolls114k vs 175k f'cast, 179k prev Unemployment Rate4.3 vs 4.1 f'cast, 4.1 prev Participation rateup 0.1 (offsets U/E slightly) Earnings0.2 vs 0.3 f'cast/prev Market Movement Recap09:52 AM Huge rally after jobs data. Finally settling down. MBS up 3/8ths in 5.5 coupons and 5/8ths in 5.0 coupons. 10yr down 13.5bps at 3.843. 01:20 PM After initial consolidation, most of the gains are holding. MBS up half a point and 10yr down 16bps at 3.82. 03:04 PM Best levels of the day apart from initial data volatility. 10yr down almost 18bps at 3.80. MBS up over half a point.

August 2, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary Bonds Rapidly Repricing Reality After Jobs Report (UPDATED) Bonds Rapidly Repricing Reality After Jobs Report Yes, today was "just one" jobs report. And yes, there are many examples of subsequent reports signing a different tune in cases like this. But tod... (read more) Rob Chrisman RE Agent Partnerships Product; G-fees on the Rise? NAR Change Primer; Employment Data Drives Rates Remember when Intel was “the cat’s meow” in the IT and chip world? Intel is laying off 15,000 to save $10 billion in costs. Big numbers… Sometimes you… feel like a number. Let’s look at some round numbers. If our industry does $1.5 trillion in busine... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.40% -0.22% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.40% -0.22 0.00 15 Yr. Fixed 5.89% -0.26 0.00 30 Yr. FHA 6.10% -0.03 0.00 30 Yr. Jumbo 6.68% -0.12 0.00 7/6 SOFR ARM 6.25% -0.08 0.00 30 Yr. VA 6.12% -0.03 0.00 Updates Daily - Last Update: 8/2 15 Yr. Fixed Rate 5.89% -0.26% Rate Change Points Freddie Mac 30 Yr. Fixed 6.73% -0.05 0.00 15 Yr. Fixed 5.99% -0.08 0.00 Updates Weekly - Last Update: 8/1 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.00% -0.03 0.60 15 Yr. Fixed 6.63% +0.07 0.61 30 Yr. Jumbo 7.13% +0.02 0.38 Updates Weekly - Last Update: 7/10 MBS / Treasuries UMBS 30YR 5.5 100.88 +0.52 Price / Yield Change MBS UMBS 5.5 100.88 +0.52 UMBS 6.0 101.92 +0.35 GNMA 5.5 100.86 +0.41 GNMA 6.0 101.47 +0.22 Pricing as of: 8/2 5:31PM EST 10 Year US Treasury 3.7955 -0.1829 Price / Yield Change US Treasury 2 YR Treasury 3.874 -0.277 5 YR Treasury 3.618 -0.220 7 YR Treasury 3.675 -0.208 10 YR Treasury 3.796 -0.183 30 YR Treasury 4.111 -0.165 Pricing as of: 8/2 5:31PM EST Latest Video Job growth totals 114,000 in July, much less than expected, as unemployment... Job report came in cooler than expected, says Jared Bernstein End market weakness coming from industrial and automotive sectors, says Mic... June factory orders miss expectations, lowest level since April '20 Around the Web CNBC Mortgage rates plunge to the lowest level in over a year after weak employment report Eye on Housing Mortgage Rates Continued to Decline in July CNBC Job growth totals 114,000 in July, much less than expected, as unemployment rate rises to 4.3% Marketwatch Sinking Treasury yields signal growing jitters about `everything' ahead of Friday jobs report CNBC UK lenders slash mortgages as Bank of England rate cut brings relief to homeowners Calculated Risk Blog Asking Rents Mostly Unchanged Year-over-year Calculated Risk Blog Realtor.com Reports Active Inventory Up 37.1% YoY Marketwatch Jobless claims jump to nearly one-high of 249,000- but it's not as bad as it looks CNBC Treasury yields slide ahead of July jobs report Calculated Risk Blog Inflation Adjusted House Prices 1.9% Below 2022 Peak; Price-to-rent index is 7.6% below 2022 peak Calculated Risk Blog ISM Manufacturing index Decreased to 46.8% in July Eye on Housing Private Residential Construction Spending Falls for Second Straight Month Calculated Risk Blog Construction Spending Decreased 0.3% in June

© 2024 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: newsletter@newslettercollector.com. Go here to UNSUBSCRIBE from this email.