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