Bonds Circle The Wagons Ahead of High Risk NFP The consensus for tomorrow's NFP (nonfarm payrolls, the principal component of the big jobs report) is 110k--not much of a downgrade from last month's 139k.  The bond market has recently been trading as if it expects to see an even lower number--a fact that's not too surprising given the preponderance of other data that suggests a weaker labor market in June. The latest in that list was today's ADP employment report which completely whiffed (-35k vs 95k f'cast). Bonds initially rallied on that news, but didn't maintain the gains, possibly due to all of the preemptive rallying already in place over the past 2 weeks, and possibly because ADP is notorious for paradoxically diverging from NFP on any given month despite broad long-term correlation. Today's weakness was minimal in the bigger picture and could just as easily be viewed as part of a 2-day process of circling the wagons (pausing and modestly correcting a prevailing trend on the eve of high-consequence data). Econ Data / Events ADP Employment -33k vs 95k f'cast, 29k prev Market Movement Recap 08:27 AM slightly weaker overnight  but erasing losses after ADP data--at least in the shorter end of the yield curve.  MBS now unchanged.  10yr up 4bps at 4.279, but 2yr is down 1.7bps. 09:15 AM Back down to weaker levels.  MBS down 5 ticks (.16) and 10yr up 5.3bps at 4.292 12:46 PM Holding at 5 ticks (.16) weaker in MBS.  10yr now up 6.4bps at 4.303 03:10 PM Off the weakest levels in Treasuries with 10yr now up only 4.8bps at 4.288.  MBS down an eighth.

July 2, 2025 Download our Mobile App: Download our Mobile App: MBS Commentary Bonds Circle The Wagons Ahead of High Risk NFP Bonds Circle The Wagons Ahead of High Risk NFP The consensus for tomorrow's NFP (nonfarm payrolls, the principal component of the big jobs report) is 110k--not much of a downgrade from last month's 139k. ... (read more) Mortgage Rate Watch Rates Finally Rise Ahead of Jobs Report Mortgage rates have generally been falling since May 21st and have done nothing but move lower for more than 2 weeks.  That winning streak finally came to an end today with the average lender moving up 0.06% for a top tier 30yr fixed quote. Whi... (read more) Rob Chrisman Processing, Lead-Gen Tools; HELOCs, 2nds, Non-Agency Products; Maryland's DSCR Controversy “Pro Tip: Here’s a friendly 4th of July reminder that absolutely no one is going to watch the videos of the fireworks you record on your phone.” You can bet anyone flying some place is watching the flight delays due to staffing and weather. You can b... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.73% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.73% +0.06 0.00 15 Yr. Fixed 5.97% +0.06 0.00 30 Yr. FHA 6.25% +0.06 0.00 30 Yr. Jumbo 6.84% +0.04 0.00 7/6 SOFR ARM 6.33% +0.04 0.00 30 Yr. VA 6.26% +0.06 0.00 Updates Daily - Last Update: 7/2 15 Yr. Fixed Rate 5.97% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries UMBS 30YR 5.5 99.94 +0.09 Price / Yield Change MBS UMBS 5.5 99.93 +0.09 UMBS 6.0 101.64 +0.07 GNMA 5.5 100.08 +0.11 GNMA 6.0 101.49 +0.08 Pricing as of: 7/3 8:16AM EST 10 Year US Treasury 4.2573 -0.0225 Price / Yield Change US Treasury 2 YR Treasury 3.759 -0.029 5 YR Treasury 3.843 -0.024 7 YR Treasury 4.033 -0.023 10 YR Treasury 4.259 -0.021 30 YR Treasury 4.790 -0.019 Pricing as of: 7/3 8:16AM EST Latest Video The private sector lost 33,000 jobs in June, badly missing expectations for... Final vote on President Trump's 'big beautiful bill' expected today Bessent: January Fed board appointee could eventually become chair ISM manufacturing PMI surprises to upside Around the Web CNBC Student loan borrowers will have fewer repayment options under GOP megabill CNBC Homeowners insurance premiums vary widely from state to state. But they are all going up CNBC The private sector lost 33,000 jobs in June, badly missing expectations for a 100,000 increase, ADP says CNBC Mortgage refinance demand surges, as interest rates drop further Marketwatch Senate passes Trump's big bill. Here's where things stand on Medicaid and taxes as it goes to the House Marketwatch June jobs report could decide the next Fed interest-rate cut. Here's why. Calculated Risk Blog Asking Rents Mostly Unchanged Year-over-year Calculated Risk Blog Heavy Truck Sales Decreased in June Calculated Risk Blog Fannie and Freddie: Single Family Serious Delinquency Rates Decreased in May; Fannie Multi-Family Delinquency Rate Near Highest Since Jan 2011 (ex-Pandemic) CNBC Treasury yields rise as investors weigh Trump's 'big beautiful bill' PR Newswire Manufacturing PMI at 49% Eye on Housing Flat Job Openings for Construction CNBC UK government borrowing costs spike amid divisions in ruling Labour party

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