Daily Market Report 9/6/19

By
Mortgage and Lending with Pinnacle Home Loan NMLS #275652/1820

http://MikesDailyMarketReport.com: Today is the Big Day for the Jobs Data! The Non-Farm Payroll, report given by the Bureau of Labor Statistics (BLS), rose only 130k new jobs in August. The Unemployment Rate remained the same, at 3.7%. The Average Hourly Earnings exceeded forecasts and rose 0.4% in August. All in All the Jobs report was ok, even though the headline number disappointed. We're seeing a trend in the Private Sector of New Jobs created are shrinking. However, we did just saw an uptick in Labor Participation, which was the highest level in about 6 years; and this month's number of new labor coming into the labor force almost matched the amount of new jobs created, which is the reason the Unemployment Rate remained the same. Stocks are in Positive Territory this morning. Fed Chief Powell is speaking in Switzerland later today, which will be his last appearance until the FOMC. Investors will listen intently for any clues to September's meeting and Rate Cut talk. MBS is Up about 6bps. The pricing is the same as yesterday's close, but it may show some improvement for some Lenders whom may not have improved their pricing after the pullback in MBS from their earlier lows. Yields spiked all the way up to 1.56% and is currently sitting at the same level.

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Topic:
Mortgage / Finance
Location:
California Los Angeles County Redondo Beach
Groups:
South Bay Realtors
Tags:
interest rates
mortgages
home buying
home loans
refinance
interest rate trends

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