http://MikesDailyMarketReport.com: The ADP Employment Report only reminded investors on a contracting economy that we're now facing. It's August numbers were revised lower by 38k, which went from 195k to 157k. In September, it came in lower than expectations at 135k. Most were expecting around 152k. This bad news, coupled with yesterdays very bad data from ISM has Stocks plummeting. The DOW is down more than 400 points this morning, and NASDAQ is down more than 100 points. This is helping to push up MBS, as a flight to safety. MBS is Up 16bps so far this morning. Mortgage Rates are better this morning, however, some Lenders may be priced the same, as they may have priced their Rates around yesterday's high. Yields continue it's decline and sit at 1.60%.
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