Friday, September 4, 2020

Daily Market Report 9/4/20 Non-Farm Payrolls came in with 1.371 million new jobs for the month of August; and the Unemployment Rate dropped from 10.2% to 8.4%.  Average Workweek hours slightly rose by 0.1 hrs to 34.6 hrs.  Stocks are having another bad day, as Investors appear to be profit taking and rebalancing their portfolios.  MBS is Down 19bps currently, as it dropped below it's 25 DMA and approaching it's 50 DMA, as it's next level of support.  This will lead Lenders to price Mortgage Rates a little higher today than yesterday's pricing.  Yields have climbed above several layers today and currently sit just under 0.69%, which is it's next level of resistance.

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