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Daily Market Report 8/2/19

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Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com: Today, we get the Big Jobs Data from the Bureau of Labor Statistics (BLS). The Non-Farm Payroll reported 164k new jobs in July; however, there was a revision of -41k to the last 2 months of reports. Also, the Unemployment Rate remained the same (3.7%) due to an increase in people entering the Labor Market. Average Hourly Earnings rose by .3% in July. Consumer Sentiment, also, remained unchanged at 98.4. Factory Orders rebounded in June, as they rose 0.6% (vs. contracted by 1.3% in May). Stocks are well in the Red, following yesterday's late reaction to President Trump's tweet on the 10% Tariffs on the remaining $300 Billion of Chinese Goods, which will go into effect on September 1st. This has spooked Investors, as the both nations just returned back to the table this week; and are concerned this will heighten tensions between the nations. On the other hand, it is reported that President Trump will announce a new deal that the US will be exporting more beef to the EU. MBS are near flat, +2 bps, as they had a very nice rally yesterday. Mortgage Rates are better than yesterday morning and about the same as yesterday's close; so, depending upon the Lender, whether they added the afternoon's price improvement to yesterday or today, is what will determine if Mortgage Rates improved or not from yesterday's close. Yields fell all the way down to 1.88%.

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