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Joe Shamie

Market Update 10:15 AM ET

Wednesday, July 2, 2014 - Article by: Joe Shamie - First Choice Loan Services - Message

Wednesday - July 2, 2014, 10:15 am ET

Current Trend Direction: Sideways

Float/Lock Bias: Locking

Current Price of FNMA 3.5% Bond:$102.28, -19bp

Mortgage Bonds opened slightly higher, but quickly declined after ADP reported that private employers added 281K workers in June, well above the 200K expected and up from the 179K recorded in May. The 281K was the largest gain since November 2012 with gains broad based across the job sector. The better than expected data comes ahead of tomorrow's closely watched government June Jobs Report. More on the Jobs Report below read on.

Stocks are trading at all-time high levels headed into tomorrows Jobs Report with the Dow Jones near a frothy 17,000. It will be very interesting to see how Stocks respond to what is likely going to be a decent Jobs Report. Maybe we see a sell on the news reaction.

The MBAs Market Composite Index, a measure of total loan application volume, decreased by 0.2%. The refinance index fell 0.1%, purchases down 1%. The purchase index is now down 16% year-over-year and comes at a time when home loan rates continue to hover near historical highs under the guidance of the Federal Reserve.

Joe Shamie NMLS # 241432

First Choice Loan Services NMLS # 210764

First Choice Bank NMLS# 177877

866-970-3400 x-5135

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