November’s payroll numbers were not even close to expectations, coming in at +39,000, while the unemployment rate rose to 9.8%. Economists had forecast job growth to be +140,000 to +160,000.
Treasuries were weak this morning as if the jobs data were rumored to be better than expected. The 10-year traded at 3.03% going into the 8:30am ET release. Shortly afterwards, the 10-year traded as low as a 2.92% yield and has currently settled in at 2.96%. Mortgage prices are better by .25% to .30%.
Given the weakness of the jobs report many market observers expected a much stronger reaction in both bonds and stocks---a strong rally in bonds and steep decline in stocks. Neither has happened, so the improvement in pricing we have today is most likely the best chance to lock your loans for December fundings.
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