The unemployment data came in lower than expected at 8.3 percent. This is leading to a fall in treasuries and also a drop in mortgage-backed securities prices. The 10-year yield rose 8 basis points early this morning to 1.91 percent. Yesterday, Freddie Mac indicated that mortgage rates have fallen to record lows. According to the report, rates for a 30-year fixed are at their lowest point since Freddie started tracking rates in 1971.
What’s Up on Wall Street?
The stock market closed with mixed results yesterday as the investing world waited for the unemployment report to be released this morning. The Dow Jones Industrial Averaged dropped 11.05 points (0.09 percent), and the S&P 500 jumped 1.45 points (0.11 percent). The Nasdaq Composite was the biggest winner of the day, adding 11.41 points (0.40 percent).