What is Going on with Interest Rates? #wigowir
10:34 AM ET New Rates have been posted
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Stocks closed near unchanged. The Dow finished at 18,352.05, the S&P 2,164.25, while the Nasdaq ended at 5,166.24. WTI oil closed at $41.88/barrel, +$1.05. 10-yr T Note yield 1.50%. As always, be sure to tune in tomorrow. We will get the numbers and market reaction from the July Jobs Report, which includes Non-farm Payrolls, the Unemployment Rate and Average Hourly Earnings.
Below is the news when it happened and market reaction. All times are Eastern Standard Time
3:25 PM - The Treasury and Mortgage Backed Security market traded higher today as sovereign borrowing costs around the world declined following the Bank of England's unexpected decision to administer larger than expected monetary easing to the U.K.'s economy.
2:13 PM - It is expected that U.S. employers added 185K new workers in July. Non-farm Payrolls set to be released tomorrow morning at 8:30 a.m. ET.
12:59 PM - At midday, MBS holding gains, Stocks flat. WTI oil $41.93/barrel, +$1.10. 10-yr yield 1.49%.
12:16 PM - MBS are holding gains but trade in a tight range for the past two hours.
10:25 AM - Outplacement firm Challenger, Gray & Christmas reports employers in the U.S. planned to cut 45,346 workers in July, up 19% from June. Though it was the 2nd straight monthly increase, layoffs were 57% lower than July 2015.
10:23 AM - Dow, S&P and the Nasdaq fall into negative territory.
10:06 AM - Freddie Mac reports that the 30-yr fixed rate conventional mortgage fell to 3.43% with 0.5 in points and fees.
9:39 AM - Mortgage Bond prices hit session highs.
9:32 AM - S&P near unchanged at the open.
9:10 AM - Freddie Mac reported 2nd quarter earnings this week and said that 42% of non-refinance purchase buys were to fund loans to first-time homebuyers, which is the highest level in 10 years.
8:36 AM - The 3% Fannie Mae 30-yr coupon rises above support at the 25-day Moving Average (103.77).
8:31 AM - No big surprises in Weekly Initial Jobless Claims rising 3K to 269K vs the 264K expected.
8:27 AM - The New York Fed will be purchasing up to $2.65B in Fannie/Freddie 30-y 3s and 3.5s beginning at 9:00 a.m. ET.
8:17 AM - Weekly Initial Jobless Claims will be released at 8:30.
8:13 AM - U.S. dollar index 95.69, +0.16.
8:12 AM - The 10-yr T Note yield edges lower to 1.54%.
8:12 AM - WTI oil flat at $40.84/barrel.
8:10 AM - As expected, MBS open flat to modestly higher.
8:05 AM - S&P futures are also higher on the Bank of England news.
8:03 AM- MBS look to open flat to modestly higher after the Bank of England cut its benchmark interest rate by 25bp to a record low 0.25% and expanded its QE program.