Home›Real Estate›Mortgages›Jobs data misses forecasts, nudges mortgage rates lower

Jobs data misses forecasts, nudges mortgage rates lower

Nonfarm payrolls fell by 23,000 versus an 80,000 forecast, and the 10-year yield ended around 4.625%.

Reported · Written up by our desk · Mortgages

Mortgage News Daily reports that today’s jobs release came in weaker than expected, with payrolls down 23,000 compared with forecasts for a gain of 80,000.

Despite the miss, Treasuries and mortgage-backed securities moved only modestly, with the 10-year yield down about 5.3 basis points to 4.625% and MBS up 10 ticks (0.31).

The article attributes the less dramatic selloff in rate markets to a decline in the unemployment rate, which fell to 4.1% from 4.2%.

Mortgage News Daily also notes that the payroll shock was partially offset later by a late-day drop in oil prices for reasons it described as unrelated, leaving rates stronger than they otherwise might have been.

More like this

Sources