08/07/2026
📉 Good news for rates this morning!
The July jobs report came in soft, and markets are loving it. Here's the quick version:
🔹 Payrolls fell by 23,000 — a big miss and the first monthly decline in years
🔹 Prior months were also revised down, meaning hiring has been weaker than we thought
🔹 Wage growth slowed too, up just 0.1% for the month
🔹 Unemployment ticked down to 4.1%, but markets are looking past that
Why it matters: a cooling labor market means less pressure on inflation, and traders are now betting the Fed's next move is more likely a cut than a hike.
💰 The result? Mortgage bonds rallied hard — fully reversing yesterday's selloff and pushing rates back toward the best levels we've seen recently.
If you've got clients on the fence about buying or refinancing, this kind of rate improvement can open the door. Reach out and let's see what it means for your numbers. 📲
