Daily Market Report 7/2/21

By
Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com:  We receive Job data from the Bureau of Labor Statistics (BLS) today, for  which is the catalyst we've been waiting all week.  The Average Earnings rose only 0.3% in June, while the Average Work Week (in hours) dropped to 34.7 hrs.  The Non-Farm Payrolls came in above estimates, at 850k for June; however, it's Unemployment Rate rose to 5.9%.  The Unemployment Rate rose because more people entered the workforce.  Investors are liking the Jobs data enough to feel it's "not too hot, nor not too cold", whereas the Fed would pull it's tapering too soon.  As a result, Stocks are in Positive Territory today.  Opec+ decided to delay any decisions on supply cuts, so Oil remained at $75/barrel.  MBS is Up 9bps and topping it's 25-, 100- and testing it's 50 DMA.  Mortgage Rates are seeing some improvement with their pricing today.  Yields are testing lows (below 1.44%) today; and currently sit at 1.43%.  This movement could be the catalyst to keep Yields lower for a little bit.

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