Orlando Mortgage Blog

Days like this drive me crazy! The stock market is closed for the holiday weekend and the bond market will be at noon. VERY light bond trading couldn't outweigh, and probably assisted, the knee jerk reaction to the tepid employment report. The 10yr raced from 3.86% yesterday to as high as 3.95% today and it closed at 3.69% back on March 19th just 2 weeks ago. Claims were down a smidge and net employment #'s above the "census hires" impact...were up a little; hours worked were up 0.1% while income was down 1.0% (notice the decimal place position there?) maybe due to trading down to a lower paid service job or temporary position, and yet the national unemployment number remained at 9.7% for the 3rd straight month this morning. So, days like this one historically tend to be proven to be skewed or weighted in the favor of over-negativity by lenders on their rate sheets as happened this morning. I'm in the, "It's getting better" line, but I remembered to bring my oxygen bottle today and a few MRE's...just in case.