With Austinmortgage rates near their best levels, the prudent move is for Austin homebuyers and Austin refinances to lock in their interest rates. The employment report is the most volatile, highest profile piece of economic data in the field and with the market looking for a strong number, the probability that Austin mortgage pricing will be worse this time tomorrow is high. We do not see a huge selloff coming as the Euro zone influence will support the market but a print of 600K new jobs will turn some heads.
Markets are in set up mode for tomorrow’s May Employment Report. We will preview this for you later today. Earlier, the economic data provided a mixed bag. Claims fell a bit but last weeks were revised higher. Factory Orders rose but were weaker than expected. Stocks opened the day on the plus side but as has been the pattern of late, quickly faded and are now off 46 on the big board. Notes and mortgage backs were under pressure from the open with the 10 year off 16/32’s and MBS down 3/32’s. The note has since cut its losses in half while MBS are off 1 to 2/32’s.