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8:23 AM We are starting the week with Mortgage Bonds up 69 BP. (Price Up Yield Down) and the 10 year treasury is down 11 BP to 3.6980% after closing Friday at 3.804%. Our current Bias is Floating from last week's carefully floating Bias. Although we always need to be careful. So far so good.
Market Wrap - Mortgage Bonds Ended the day up 95 BP. (Price up Yield Down) and the 10 year treasury is now down 16 BP to 3.6430%. Not a bad day to start the first day in October after a tough September.
The Dow ended the day up 765 to 29490.89. Opec is meeting in Vienna on Wednesday to decide on their production policy. The are consider a dramitic cut in production of over 1 million barrels perday. Combined with the US stopping the deliveries of the Strategic Petrolium reserve and sanctions against Russia, we could again start bumping up against $100 a barrel. This is of course is not good for inflation.
7:20 am Mortgage Bonds start the day up 27 BPs (Price Up Yield Down) and the 10 year Treasury is down 7 BP to 3.6110% from Yesterday's close of 3.651%. Bias Floating
Market Wrap Mortgage Bonds ended the day up 20 BP (Price Up Yield Down) off the highs slightly. 10 year ended the day at 3.635%. The dow was up 825.43. Tomorrow ADP and comes out and Friday the Non-Farm payrolls come out which will set the Bond Markets expections for the month.
7:15 AM ADP Private Payroll
Actual 208,000 jobs created
Last month 132,000 revised 185,000
3:10 PM Mortgage Bonds are down 44 bp (Price Down Yield Up) and the 10 year treasury is up 14 BP to 3.7550%
Mortgage Rates are increasing today over inflation pressures due to OPEC cutting production of over $2,000,000 per day which equals about 2% of the global dailey supply. Oil prices have risen 14% since last week. For this reason we are moving our bias to Locking
7:30 AM Initial Jobless Claims 219,000 an increase of 29,000.
In responce to the reduction of the OPEC cutting production, the US decided to extend the use of the Strategic Petrolium Reserve for another month. The current reserve inventoryis 416 million barrells. This is the lowest, since 1984.
Mortgage Bonds are down 36 BP (Price Down Yield Higher). The 10 year Treasury is up 5 BP to 3.813%. Current Bias remains locking in advance of tomorrow's Unemployment Report.
A word from Freddie Mac coming -
Mortgage rates decreased slightly this week due to ongoing economic uncertainty. However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers.
Primary Mortgage Market Survey US Weekly averages as of 10/06/22
Rate Fees/ Points From last week From last year
30 Yr FRM 6.66% 0.80% -0.041% +3.671%
Market Wrap - Mortgage Bonds ended the day down 64 BP (Price Down Yield Higher). The 10 Year Treasury ended the day up 7 BP to 3.828%. Stay tuned to tomorrows Job's Report. See below
7:30 am Unemployment Figures The BLS Jobs report showed that there was an increase of 263,000 jobs in the month of September. The unemployment rate decreased from 3.7% to 3.5%. Average weekly earnings are up 0.3% for the month and 4.1% year over year. See below
8:03 AM Mortgage Bonds are down 39 BP (Price Up Yield Down) 10 Year Treasury up 6 BP to 3.8850%. Bias Continue Locking