Lowest Rates in Over a Month. Upcoming Inflation Data Casts a Critical Vote

All in All a Pretty Logical Week It seems weird to consider, but Friday's trading--and indeed, the week's trading as a whole--was fairly logical. By the end of the previous week, econ data provided evidence that rates didn't need to go any higher. This week's data didn't exactly confirm that in an overly forceful way, but it absolutely didn't offer any arguments. Friday's jobs report was the latest and most interesting example with revisions, unemployment, and wages doing more than enough to offset the higher headline compared to expectations. After today, the past two months of NFP readings make a lot more sense. It also makes sense that bonds rallied modestly. 200k+ is still strong. Sub 4% unemployment is still low, but it's next week's CPI that can truly determine just how quickly we can forget February's unfriendly data. Econ Data / EventsNonfarm Payrolls275k vs 200k f'cast last month revised down to 229k from 353k Unemployment Rate3.9 vs 3.7 f'cast, 3.7 prev Wages 0.1 vs 0.3 f'cast, 0.5 prev Market Movement Recap09:13 AM 2-way trading after mixed jobs report. Bonds were mostly stronger until just now, with 10yr yields back to 'unchanged' at 4.088. MBS are still up an eighth, but were up by more than a quarter point at their best levels. 11:00 AM Giving back some of the initial, choppy improvement. MBS still up 2 ticks (.06) and 10yr still just barely positive at 4.085 01:46 PM Stable and flat. MBS up 2 ticks (.06) and 10yr down 0.3bps at 4.085.

March 8, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary All in All a Pretty Logical Week All in All a Pretty Logical Week It seems weird to consider, but Friday's trading--and indeed, the week's trading as a whole--was fairly logical. By the end of the previous week, econ data provided evid... (read more) Mortgage Rate Watch Lowest Rates in Over a Month. Upcoming Inflation Data Casts a Critical Vote It was a hotly anticipated week for interest rates due to the arrival of the first batch of big ticket economic data since the Inflation report that came out on February 13th. This week's data was much more friendly, but next week's data is even more... (read more) Rob Chrisman Non-QM, RE Agent Monitoring, Mandatory Sales Products; The White House and Closing Costs; Webinars and Training “Horses have lower divorce rates. It's because they are in stable relationships.” Here on the Central Coast of California, there are plenty of horses but few disasters, wars, or big insurance claims. But in Ukraine there have been 566,000 property da... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.85% -0.07% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.85% -0.07 0.00 15 Yr. Fixed 6.39% -0.05 0.00 30 Yr. FHA 6.38% -0.12 0.00 30 Yr. Jumbo 7.22% -0.03 0.00 7/6 SOFR ARM 6.51% -0.04 0.00 30 Yr. VA 6.40% -0.11 0.00 Updates Daily - Last Update: 3/8 15 Yr. Fixed Rate 6.39% -0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 6.88% -0.06 0.00 15 Yr. Fixed 6.22% -0.04 0.00 Updates Weekly - Last Update: 3/7 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.87% +0.07 0.65 15 Yr. Fixed 6.53% +0.12 0.94 30 Yr. Jumbo 7.00% +0.12 0.39 Updates Weekly - Last Update: 2/14 MBS / Treasuries UMBS 30YR 5.5 99.84 +0.13 Price / Yield Change MBS UMBS 5.5 99.84 +0.13 UMBS 6.0 101.06 +0.03 GNMA 5.5 100.14 +0.16 GNMA 6.0 100.94 +0.03 Pricing as of: 3/8 5:31PM EST 10 Year US Treasury 4.0810 -0.0070 Price / Yield Change US Treasury 2 YR Treasury 4.482 -0.021 5 YR Treasury 4.052 -0.025 7 YR Treasury 4.069 -0.020 10 YR Treasury 4.081 -0.007 30 YR Treasury 4.254 +0.007 Pricing as of: 3/8 5:31PM EST Latest Video 3.9% unemployment rate is still a sign of a strong economy coming back into... February jobs report shows the economy is 'still pretty strong labor-wise',... What strong job growth means for rates Bifurcation between large and regional banks will continue, says UBS analys... Around the Web CNBC U.S. job growth totaled 275,000 in February but unemployment rate rises to 3.9% Calculated Risk Blog Comments on February Employment Report Calculated Risk Blog 1st Look at Local Housing Markets in February Calculated Risk Blog GDP Tracking: Low 2% Range Calculated Risk Blog The "Home ATM" Closed in Q4 CNBC Layoffs rise to the highest for any February since 2009, Challenger says CNBC Treasury yields fall ahead of February jobs report Calculated Risk Blog Weekly Initial Unemployment Claims Increase to 217,000 CNBC 'Consumers should not worry' after turbulent month for New York Community Bank, former FDIC chair says Calculated Risk Blog Wholesale Used Car Prices Declined in February; Down 13.1% Year-over-year Calculated Risk Blog Trade Deficit at $67.4 Billion in January Calculated Risk Blog Fed's Flow of Funds: Household Net Worth Increased $4.8 Trillion in Q4 CNBC European Central Bank holds interest rates, cuts inflation and growth forecasts

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