Bond Market Update
Bond Market Update
Market Update
Friday, February 3, 2023
What's going on and why does it matter?
Mortgage bond prices are plunging this morning in response to the red-hot January jobs report. A whopping 517,000 jobs were created last month compared to market expectations of just 185,000. The unemployment rate went down to 3.4%. The surprising numbers are sure to trigger a volatile reaction in the stock and bond markets today.
What should you do about it?
Lock your rate to be safe.
Economic Calendar
Economic reports that may impact mortgage rates this week:
| Date | Report | Period | Prior | Est. | Actual |
|---|---|---|---|---|---|
| Tue 31 Jan | Chicago PMI | Jan | 44.9 | 45.1 | 44.3 |
| Tue 31 Jan | Consumer Confidence | Jan | 108.3 | 109.0 | 107.1 |
| Wed 1 Feb | ADP National Employment | Jan | 235k | 178k | 106k |
| Wed 1 Feb | Construction Spending | Dec | 0.2% | 0.0% | -0.4% |
| Wed 1 Feb | ISM Mfg. PMI | Jan | 48.4 | 48.0 | 47.4 |
| Wed 1 Feb | JOLTS Job Openings | Dec | 10.458M | 10.230M | 11.012M |
| Wed. 1 Feb | Fed Funds Target Rate | - | 4.25-4.5% | 4.5-4.75% | 4.5-4.75% |
| Thu 2 Feb | Initial Jobless Claims | Week ending Jan 28 | 186k | 200k | 183k |
| Thu 2 Feb | Factory Orders | Dec | -1.8% | 2.3% | 1.8% |
| Fri 3 Feb | Non-Farm Payrolls | Jan | 223k | 185k | 517k |
| Fri 3 Feb | Unemployment Rate | Jan | 3.5% | 3.6% | 3.4% |
| Fri 3 Feb | Average Earnings | Jan | 0.3% | 0.3% | 0.3% |
| Fri 3 Feb | ISM Non-Mfg. PMI | Jan | 49.6 | 50.3 | 55.2 |