Industry News
Mortgage Industry News
Unemployment Drops Slightly
06/04/2010
Nonfarm Payrolls printed at a worse-than-expected +431K; the unemployment rate dropped from 9.8% to 9.7%; U6, which includes workers who have left the work force and formerly full-time employees now working part-time jobs, fell from 17.1% to 16.6%. Overnight, it was reported that Hungary may default on its debt. Bonds are higher; stocks and commodities are lower. Right now, the futures market is pricing in a 72% chance that the Fed keeps rates at .25% through September 21st, 2010. Currently, the Ten Year yield is at 3.211% (3.40% yesterday) and the 2-10 yield spread is at 252bps, flattening 3bps since yesterday morning.
