Stocks are mixed and Mortgage Bonds are lower to begin the day.
Atlanta Fed Wage Tracker
Wages in August were unchanged from July at 4.1%, which is a deceleration from 4.6% a year ago. Job Stayers moved lower to 3.8% from 4.1%, while Switchers accelerated to 4.4% from 4.0%.
Cost of Waiting
Inflation has stabilized, the labor market is softening, and the Fed is poised to cut rates at their next meeting. Are you taking advantage of this opportunity? The Fed telegraphed that it would be cutting at its September 17 meeting on August 22. Rates improved quickly as a result, which implies the market has already priced in this rate cut. Over the past couple years, these dips in rate have been very brief. This means your window to strike may be only a few days
Download the 10-year Treasury graph to show the refinance opportunity HERE.
ECB
The European Central Bank has held interest rates steady at 2.0% in a unanimous decision. This move was expected, with markets pricing in a 99% chance of a pause. What wasn't expected was the positive revision to growth forecasts. The 2025 growth rate was revised higher to 1.2% from 0.9%.
News Next Week
Tuesday: Retail Sales
Wednesday: Fed Meeting, Starts and Permits, Mortgage Applications
Thursday: Initial Jobless Claims
Technical Analysis
Mortgage Bonds begin the day trading just above support at 101.06. If this level fails to hold there is a lot of room for Bonds to deteriorate before reaching support at its 25-day Moving Average.
The 10-year tested support at 4% yesterday before being rejected higher. Yields have moved higher and are trading between the aforementioned floor and the ceiling at 4.126%.
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