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Mixed Bag for Jobs Report Friday

Today's Mortgage Rate Summary 2/3/17

How Interest Rates Move:

Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events. When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up.

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Rates Currently Trending: Lower

Mortgage rates are moving lower so far today.  The MBS market improve by +16 bps yesterday. This may've been enough to improve mortgage rates or fees.   The market experienced moderate volatility yesterday.

Today's Rate Forecast: Lower

Jobs: Its Big Jobs Friday!

  • Headline January Non-Farm Payrolls 227K vs est of 175K
  • December NFP revised from 156K to 157K
  • November NFP revised from 204K down to 164K
  • Over the past 3 months, NFP have averaged 183K after revisions.
  • The Unemployment Rate moved up from 4.7% to 4.8%.
  • This was due to the Participation Rate moving up from 62.7% to 62.9% which that more people responded that they are looking for work compared to last month.
  • Average Hourly Earnings did increase on a MOM basis by 0.1% but this was lower than the estimates of 0.2%.
  • Average Hourly Earnings on a YOY basis dropped from 2.9%(revised to 2.7%) down to 2.5%.
  • The average work week increased to 34.4 hours from 34.3 hours.

So, what does all of that mean? Well for sure it is a mixed bag. We did see much stronger NFP readings but a sizeable revision lower in November's NFP. We did also see an increase in wages but at a very slow clip.

Services: 2/3 (or more) of our economy is services (non-manufacturing) based. The January ISM reading hit 56.5 which just missed expectations of 57.0. It was the third highest reading in the last 12 months. Anything above 50 is expansionary.

Factory Orders: December U.S. Factory Orders where better than expected (1.3% vs est of 1.0%) and a nice rebound from November's -2.4%.

Geo-political: We have fresh new sanctions on Iran but the market focus on is on a possible executive order that directs the government to review the Dodd-Frank law and look for ways to pare it down.

Today's Potential Rate Volatility: High

So far today mortgage rates have experienced high volatility. Mortgage rates have moved lower today and will likely finish better for the week, but it could get a little bumpy toward the end of the day.

Bottom Line:

If you are looking for the risks and benefits of locking your interest rate in today or floating your loan rate, contact your mortgage professional to discuss it with them.

Source: TBWS

Brian DiVito 

VP of Mortgage Lending


NMLS# 274474 

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Darby Road's St. Patrick's Day Festival Kicks Off

March 17, 2018

SCOTCH PLAINS, NJ — Darby Road Public House (450 Park Ave., Scotch Plains) kicked off its three-day St. Patrick’s Day Festival on Friday at the municipal parking lot.

The event takes place under a larger tent this year and features Irish bands, Irish step dancers, bagpipers, food and beverages, along with a bounce house, face -painting, and pony rides for the kids.

Mayor Brindle’s Update, Feb. 13

March 14, 2018

The following are highlights from the update that Mayor Shelley Brindle gave at Tuesday night’s town council meeting.

Last week’s back to back nor’easters left a wave of destruction that Westfield hasn’t experienced since Hurricane Sandy in 2012. Three thousand homes lost power. Over 40 roads were closed due to downed wires and/or trees. Our police responded to ...

Westfield Police Blotter: DWI, Reported Fraud & More

March 14, 2018

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Middle School Bowling

March 18, 2018

If your son or daughter is interested in bowling there will be an opportunity for all middle school students. It will run every Monday and Thursday at Garwood lanes from 3:30 to 5:15 p.m. starting April 19 and ending on June 11. The cost will be $9  a session. Each session includes three games and shoes. You do not have to attend every session and only have to pay for the sessions ...

Charitable Spirit Alive and Well in Westfield Public Schools

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Fifteen Westfield High School juniors and sophomores were honored by the Community Food Bank of New Jersey for collecting more than 5,000 pounds of food items for families in ...


AtlantiCast: Episode 13

On this episode of AtlantiCast, new clinical studies in the fields of cardiology and immunotherapy, national and statewide recognitions for Atlantic Health System medical centers and the inaugural AtlantiCast Collab Challenge!


8 Homes Sold Last Week in Westfield, Scotch Plains, Fanwood, Cranford and Mountainside

Eight homes sold last week, March 4 to March 11, 2018, in Westfield, Scotch Plains, Fanwood, Cranford and Mountainside.*


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Auction Items Sought for Westfield Area YMCA 14th Annual Golf Classic

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How to Stay Connected to Your Partner After a Newborn

March 11, 2018

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March 15, 2018

TRENTON, NJ — If you were at Newark Liberty International Airport on Monday, March 12 between 12:45 and 9 p.m., you may have been exposed to measles and should contact your health care provider.

The New Jersey Department of Health has issued a public health alert after a child with a confirmed case of measles — a highly contagious disease — arrived in Terminal B at ...