A message from my preferred lender

As you know, the job report is one of the most heavily weighed reports to predicting our national housing market so great news for the housing market and mortgage backed securities!

The Labor Department reported 110,000 new jobs created in September, which was above economists expectations of 100,000.  With many people looking for a downward miss on this report, the stronger than expected reading pushed Bond prices a bit lower.  The main reason for the selling pressure on Bonds was some huge revisions for the months of July and August - to the tune of 118,000 jobs.  August’s initial miserable report of a 4,000 loss in jobs was revised way higher by a stunning +93,000 for a net gain of 89,000 jobs!  Makes you wonder how the initial reports can be so wrong.

Early Market Close and Holiday Announcement

The bond market will get a jump start on a three-day Holiday weekend today with an early closing at 2:00pm ET.  The bond market will also be closed the entire day on Monday, October 8 in observance of the Columbus Day holiday.  However, the stock market will remain open both today and Monday for full sessions. 

The good news is I will be here for you on Monday if you need anything, don’t hesitate to call!

Good luck and have a great weekend!

 Garrick Werdmuller, CMPS