September Jobs Report Misses — Rates Improve

This morning’s August Jobs Report came in well below expectations, and mortgage markets reacted quickly.

Only 22,000 jobs were added in August, far below the 75,000 projected. June was revised even lower — now showing negative job growth for the first time since 2020. Unemployment ticked up to 4.3%, and wage growth slowed slightly.

For the mortgage market, this was big news.

Here’s what we’re seeing right now:

• Mortgage Bonds are rallying

• The 10-Year Treasury yield dropped to 4.07%, creating room for rate improvement

• Lenders are already adjusting pricing

• The Fed is now expected to cut rates at the September 17 meeting, with additional cuts likely this year

  
  

If you’ve been waiting for better timing to refinance, buy, or restructure a loan — this is a good moment to revisit your options. We’re not at the bottom yet, but the shift is in motion.

Our team is watching everything closely and can run updated scenarios to see what today’s move could mean for you.

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As always, we’ll keep you updated as more data comes in.

Next week brings inflation numbers — and that could push rates even further.