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Market Commentary

Updated on August 7, 2020 10:05:14 AM EDT

Today’s major economic release was July’s Employment report at 8:30 AM ET that showed 1.763 million new jobs were added back to the economy. It also showed that the unemployment rate fell from 11.1% in June to 10.2% last month. The payroll number was well within the range of forecasts while the unemployment rate came in a bit lower than the 10.5% that was expected. Because the payroll number was still high and the unemployment rate fell below expectations, we can consider the data neutral for mortgage rates.

Next week brings us the release of a handful of relevant economic releases in addition to a couple of Treasury auctions. Some of the data is considered to be highly important, including a consumer spending report at the end of the week. There is something scheduled each day that may move mortgage rates except for Monday. Look for details on next week’s activities in Sunday evening’s weekly preview.

 ©Mortgage Commentary 2020

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PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.a.  KY-Department of Public Protection the Office of Financial Institutions, #MC23741.  LA-Office of Financial Institutions #771.  Maryland Department of Labor, Licensing and Regulation Commissioner of Financial Regulation #5511. NE-Department of Banking and Finance, #350.  Ohio Department of Commerce Division of Financial Institutions, #MB.802748.000. OH MLO RM 802748.061.  South Carolina Department of Consumer Affairs MLS3094, As Element Funding MLS-3094 OTN#1.  TN-Department of Financial Institutions 109282.  VA-Bureau of Financial Institutions: MC-2248 Broker MC-2248 NMLS # 3094 (http://nmlsconsumeraccess.org).  West Virginia Division of Financial Institutions ML-30751.

PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.a.  KY-Department of Public Protection the Office of Financial Institutions, #MC23741.  LA-Office of Financial Institutions #771.  Maryland Department of Labor, Licensing and Regulation Commissioner of Financial Regulation #5511. NE-Department of Banking and Finance, #350.  Ohio Department of Commerce Division of Financial Institutions, #MB.802748.000. OH MLO RM 802748.061.  South Carolina Department of Consumer Affairs MLS3094, As Element Funding MLS-3094 OTN#1.  TN-Department of Financial Institutions 109282.  VA-Bureau of Financial Institutions: MC-2248 Broker MC-2248 NMLS # 3094 (http://nmlsconsumeraccess.org).  West Virginia Division of Financial Institutions ML-30751.