News You'll Use

Mortgage rates rose this week due to hotter labor market data. We saw blowout numbers for both Nonfarm Payrolls and JOLTS Job Openings. That helped push rates up even higher. Next week, there will be CPI data which will give the market an indication of where inflation is at. For the time being, the market momentum is carrying rates higher with bond buyers mostly sitting out this increase in yield. It feels like we won't see too many buyers until the 10%-year hits 5%.

• U.S. 10-year Treasury is at 4.81%

• Change in Nonfarm Payrolls came in higher than analyst's expectations (336k vs expectations of 170k)

• ISM Manufacturing index came in higher than analyst's expectations (49.0 vs expectations of 47.9)

• ISM Services index came in-line with analyst's expectations (53.6)

• JOLTS Job Openings came in higher than analyst's expectations (9.61 million openings vs expectations of 8.815 million openings)

• Durable Goods Orders came in lower than analyst's expectations (0.1% m/m vs expectations of 0.2% m/m)

• Initial Jobless Claims came in lower than analyst's expectations (207k claims vs expectations of 210k claims)

• Mortgage Applications fell 6.0% this week