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Today's Mortgage News
More trouble for the interest rate sector this morning on the releases of the employment report at 8:30. The headline is an increase in jobs by 162K with the unemployment rate unchanged at 9.7%. While the overall number of jobs was less than expected, the increase in private jobs (non-government hires) was more than thought and the addition of census workers to the job market was much less than expected. The upward revisions to Jan and Feb, increasing the total another 40K frm original releases.
Census workers were expected to have added the majority of the job growth, however not the case. Census workers accounted for only 48K of the jobs, the jump in employment numbers came from an increase of 123K jobs in the private sector, much higher than economists were expecting. Service and manufacturing sectors added 99K jobs, the third consecutive month that saw increases in manufacturing. Another surprise, average hourly earnings actually declined 0.1%; normally average hurly earnings increase at a steady +0.2% each month.
The reaction hasn't been good in the bond and mortgage markets; the 10 yr note jumped to 3.93% +5 BP and mortgage prices at 9:15 were down again 10/32 (.31 bp). The brief futures ... more

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