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Economic News

Good morning. Economic news as it relates to mortgage rate movements…

GNMA down 1, FNMA down 1, 10 yr Treasury at 2.22%

Mortgage bond prices were weaker this morning which erased some of the small gains from yesterday afternoon. Rates remained near unchanged since pricing yesterday morning despite the negative movement.

News out of the eurozone showed manufacturing strength. In addition, employment figures for the eurozone were better than expected. Eurozone unemployment fell to 10.7% in October from 10.8% in November. The European Central Bank meets Thursday and a rate cut is anticipated.

ISM index data will be released at 10am et this morning.

This week is jobs week with three reports starting Wednesday with ADP payrolls and concluding Friday with the all-important Bureau of Labor Statistics (BLS) employment situation report. This is the last jobs report before the Fed meeting later this month. The report has the ability to cause volatility. A wide miss from the expected jobs gain of 201K could cause the Fed some concern on raising rates.

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