BIG EMPLOYMENT REPORT= No Change

MBS are down -1/32 (FNMA 30-yr 3.0 at 102.05), around 1/32 higher than yesterday at this time. Favorable repricing took place yesterday.

Today’s mixed Employment report caused some volatility but had little net effect on MBS prices. Against a consensus forecast of 190K, the economy added 242K jobs in February. Upward revisions to prior months added another 30K. The Unemployment Rate remained at 4.9%, as expected. Average Hourly Earnings, a proxy for wage growth, declined 0.1% from January, well below the consensus for an increase of 0.2%. The weak wage data offset the strong job gains, making today’s report roughly neutral for MBS. The Dow is down 10 points. No more economic data will be released today.

About The Mortgage Update

I am a resident of St Charles Illinois and have been in the Mortgage Industry for 24 Years. I am also be heard on WYLL 1160 AM Chhristian Radio "The Mortgage Update with Terry & Dan". With relationships with the our Countries biggest lenders, it allows me to help you find the PERFECT Mortgage for your situation. From getting Pre-Approved to purchase your first home to helping you Qualify under wth NEW HARP 2.0 Guidelines (see HARP 2.0 tab).

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