Market Comment
Mortgage Bonds started the day higher on worse-than-expected employment news, but have since given up their gains.
The official Jobs Report came in worse than expected, showing 125,000 job losses in June. The unemployment rate did fall to 9.5%, but that drop is due largely to 625,000 people being removed from the calculation because they're discouraged and no longer actively searching for work.
Currently, Bond prices are down from earlier highs, as traders look to cash in ahead of the long weekend, but prices could very well recover early next week. Therefore, I recommend floating for now. Remember, the markets will be closed on Monday in observance of Independence Day.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112, V2563958, MLO-4817VA
The official Jobs Report came in worse than expected, showing 125,000 job losses in June. The unemployment rate did fall to 9.5%, but that drop is due largely to 625,000 people being removed from the calculation because they're discouraged and no longer actively searching for work.
Currently, Bond prices are down from earlier highs, as traders look to cash in ahead of the long weekend, but prices could very well recover early next week. Therefore, I recommend floating for now. Remember, the markets will be closed on Monday in observance of Independence Day.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112, V2563958, MLO-4817VA
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