Daily Market Report 11/1/19

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

http://MikesDailyMarketReport.com: The BLS released their Jobs data, which we'll start with the Non-Farm Payrolls for October. We saw 128k new jobs with expectations set at 75k. On top of that, the previous 2 months were revised higher by another 95k. The Unemployment Rate ticked up slightly from 3.5% to 3.6%, as the Labor Participation Rate increased from 63.2% to 63.3%. Average Hourly Earnings rose by 0.2%. So, overall, the Jobs data came in very well!. On the otherhand, Manufacturing is still struggling, as the Markit Manufacturing PMI dropped from 51.5 to 51.3 and ISM Manufacturing Index rose from 47.8% to 48.3% (missing expectations and in contraction side of the data). Construction Spending rose by 0.5% in September. Stocks are Up on the strong Jobs data while Q3 Earnings Reports continue to roll-in. MBS is currently down 8bps, but had a nice rally yesterday. Mortgage Rates remain Unchanged from yesterday's pricing. Yields are fighting it's way back above the 25 DMA, and are currently sitting at 1.72%.

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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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Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Jobs report looked good enough to push the market to new highs. Mortgage rates inch up a bit though.

Nov 01, 2019 12:51 PM #2
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Mike Bjork

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