Bonds started out the day in weaker territory, due to the re-allocation of funds drivin by start of month trading positions. This also likely was the result of the higher labor cost data, which came in at +4.3 vs the anticipated +2.1. The saving grace for the day came in the form of the weaker ISM report. The report was bad enough to undo all of the negativity from the first part of the day, basically leaving us unchanged on the day. We are now in the center of the recent trading range, anxiously awaiting the NFP report released 9/2. We are hoping that NFP will be a good motivator to test the range boundaries once again. If that doesn't do the trick, next Tuesday's ECB announcement may very well do it. Check back here for more up to date mortgage rates and news.
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• 30 year (FRM) rates at 3.42% (+0.01%).
• 15 year (FRM) rates at 2.76% (-0.01%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.53% (+0.02%).
• 5/1 ARM rates at 2.85% (+0.01%).
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