This Week in Review
Nonfarm payrolls rose by only $138,000 in May which was considerably under expectations. April and March were downwardly revised by a net 66,000 as well. The unemployment rate fell from 4.4% to 4.3%, but only because people dropped out of the labor force, reaching a 16-year low. The June FOMC meeting should be interesting after this news, but we are still expecting for the Fed to hike rates. With this weak news, the 10 year treasury is now trading at 2.16, making mortgage rates attractive. If we close at these levels, these lower rates may stick around for a short while.
Upcoming Market Data
Monday: Productivity and Costs, PMI Services Index, Factory Orders, ISM No-Mfg Index, Labor Market Conditions Index.
Tuesday: Jolts
Wednesday: MBA Mortgage Applications, Consumer Credit
Thursday: Jobless Claims
Friday: Wholesale Trade
Oscar Busch
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Oscar Busch Mortgage Loan Originator |
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| NMLS: 1326698 (703) 424-2146 Office (703) 470-7538 Mobile (877) 763-5686 Fax | ||||
| 11130 Fairfax Blvd Suite 303 Fairfax, VA 22030 | ||||
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PrimeLending NMLS: 13649. Equal Housing Lender. |
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