Today's Mortgage News Update
Mortgages are getting smacked this morning after some positive data on the US employment market this morning. ADP reported a change in employment of + 201k , after expecting just +140k. Weekly claims were slightly positive as well as initial jobless claims fell to 365k from 377k last month. Today’s data, has caused many analysts to upwardly revise their estimates for tomorrow’s Non-farm Payrolls report – particularly the private jobs component. Right now, the consensus predicts job growth in NFP to be around +130k. Last month’s gain was better-than-expected at 163k. Currently, Fannie 3’s are getting hit the hardest, down 13 on the day. Stocks are rallying on the positive news with the DOW and S&P up 226 points and 27 points, respectively.