March 5th, 2025 8:31 AM by Richard Sardella MLO.100007700/NMLS 233568
Overnight US rates were little changed; at 8:15 am ET ADP reported its private jobs for February, expected at 148K jobs shank to just 77K. The initial reaction dropped the 10 year note yield 4 bps from yesterday. The component that combines trade, transportation and utility jobs lost 33K. The total was the smallest increase since July. ADP said annual pay increased 4.7% in February. Friday the BLS employment data.
Weekly MBA mortgage applications jumped last week. The composite index increased 20.4% from -1.2% the prior week, purchase applications increased 9.1% and the refinance index increased 37.0%.
At 9:30 am the DJIA opened +27, NASDAQ +17, S%P +3. 10 year at 9:30 am 4.21% -4 bps. FNMA 6.0 30 year coupon at 9:30 am +4 bps from yesterday’s close and -3 bps from 9:30 am yesterday.
At 9:45 am February final PMI services index expected at 49.7 from 52.9 in January, increased to 51.0.
At 10 am ISM February service sector index, expected at 52.7 from 52.8 in January, the index increased to 53.5.
There is increased volatility this morning. The stock indexes started slow but picking up momentum.
PRICES @ 10:00 AM
10 year note: 4.22% -2 bp
5 year note: 3.98% -7 bp
2 year note: 3.91% -10 bp
30 year bond: 4.51% -3 bp
30 year FNMA 6.0: @9:30 am 101.65 +5 bp (-3 bp from 9:30 am yesterday)
30 year FNMA 6.5: @9:30 am 103.06 +3 bp (+3 bp from 9:30 am yesterday)
30 year GNMA 6.0: @9:30 am 101.44 +5 bp (+2 bp from 9:30 am yesterday)
Dollar/Yen: 148.68 -1.14 yen
Dollar/Euro: $1.0761 +$0.0135
Dollar Index: 104.52 -1.22
Gold: $2,927.40 +$6.80
Bitcoin: 88,665 +1852
Crude Oil: $66.52 -$1.74
DJIA: 42,699 +178
NASDAQ: 18,318 +32
S&P 500: 5791 +13
Richard Sardella has been actively managing and providing services in the mortgage industry for over 30 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.