Vital Statistics:
|
Last
|
Change
|
Percent
|
|
|
S&P Futures
|
1742.5
|
4.3
|
0.25%
|
|
Eurostoxx Index
|
3046.0
|
17.4
|
0.57%
|
|
Oil (WTI)
|
99
|
-0.2
|
-0.22%
|
|
LIBOR
|
0.238
|
0.000
|
-0.10%
|
|
US Dollar Index (DXY)
|
79.48
|
-0.213
|
-0.27%
|
|
10 Year Govt Bond Yield
|
2.54%
|
-0.06%
|
|
|
Current Coupon Ginnie Mae TBA
|
103.6
|
0.6
|
|
|
Current Coupon Fannie Mae TBA
|
102.4
|
0.6
|
|
|
RPX Composite Real Estate Index
|
200.7
|
-0.2
|
|
|
BankRate 30 Year Fixed Rate Mortgage
|
4.34
|
Markets are
higher on the back of a weaker-than-expected jobs report. Bonds are flying on
the report, which has the 10 year down 6 basis points to 2.54%. MBS are up as
well, and we are no best-exing into a 3.5% coupon. Later on today we will get
international capital flows, construction spending, and Richmond Fed.
The economy
created 148k jobs in September, lower than expected. August was revised upward.
The unemployment rate fell to 7.2% while the labor force participation rate
remained the same at 63.2%, a level we haven't seen since the late 70s. The
last time the labor force participation rate was this low, "Three Times a
Lady" by the Commodores was topping the charts. The workweek stayed the same
at 34.5 hours and earnings increased .1%.
Overall the jobs
report is weak enough to take any sort of December tapering off the table.
Don't forget these numbers predate the shutdown, so October's numbers will
invariably be worse.
Existing Home
Sales dropped
to a seasonally adjusted annual rate 5.29 million units in September, according to the
National Association of Realtors. Distressed sales accounted for 14% of
sales,and cash sales were 33%. Inventory was steady at 5 months of supply. The
median house price rose 11.7% year-over-year to $199,200.
Brent Nyitray, CFA
Dellacamera Capital Management
iDirect Home Loans
1010 Washington St, 6th floor
Stamford CT 06901
T: 203-817-3614
C: 917-841-4938
AIM bnyitray
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