Tuesday, U.S. Treasuries closed at their lowest yields since April 2009, with the yield on the benchmark 10 year note briefly touching 2.95%. This morning bond prices have backed off, however, the 10 year note yield remains below 3% at 2.99%.
The ADP employment survey was released this morning and it reflected slowing job growth. You will recall this is the precursor to Friday’s government report on job creation, which for the month of June is expected to reflect job losses of approximately 110,000.
Mortgage prices are approximately .125% to .25% worse than Tuesday.
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