Weak Jobs date has little impact on interest rates. Shocking

MBS are up +1/32 (FNMA 30-yr 3.5 at 103.20), around 3/32 higher than yesterday at this time.

The Employment report was weaker than expected in nearly every area, yet there was little lasting impact on MBS. Against a consensus forecast of 180K, the economy added just 156K jobs in August. In addition, downward revisions subtracted 21K jobs from the results for prior months. The unemployment rate increased from 4.3% to 4.4%, above the consensus for a flat reading of 4.3%. Average hourly earnings, an indicator of wage growth, also fell short of expectations. They were 2.5% higher than a year ago, the same annual rate as last month. Since the data had been gathered before the storm hit, the results do not reflect any distortions from the hurricane in Texas, The Dow is up 50 points. The ISM national manufacturing index, Construction Spending, and Consumer Sentiment will be released at 10:00 et.

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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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