The Market Update Desk September 4th - JOLTS report JOLTS

welcome to a sunny afternoon September 4th the market update desk with Scott Riley nmls 157 524 today we got the jolts report and it gave the market a jolt so that's the job opening and labor turnover survey what did we find out well the originally the already downward revised expectation of 7.9 million that was from one that was from 8.1 Million by the way came in at 7.7 million job openings that's a decrease of 200,000 but wait it gets even better our friend revisions creep creeped back up last month's jolts report was revised downward by 330,000 job openings that's near 6% decrease in job openings in the last two reports that's a significant downturn and we' have seen this consistent move towards the pressuring in the labor market and it shows that it's still there now what the market thought of this well the 10-year bond has now crept back under that all important 3.8 top resistance level and we're sitting at about 3.78 right now in the tenear mortgage back Securities crep up uh so we gained some some positive momentum on mortgage back Securities we saw the Bank of Canada cut their short-term term rate by a quarter per this morning now what this joltz report did was moved the FED Futures market for the half a point uh rate cut from a 25% chance to a 41% chance so we're seeing some some movement here and there is going to be significant pressure on the FED to to look towards that that half-point decrease uh more applications crep up 1 and a half% so we're seeing positive momentum going upward we've talked about this as rates go down applications go up people are out shopping more and more for homes that means there's more competition and you're going to have upward pressure most likely on prices so those are all POS those are all what's happening in the market today uh we see the tech the tech industry Tech sector I should say in the market is hitting headwinds May is getting a hit uh super micro getting a hit and I think believe I also saw Intel uh we saw two fed members come out today talk about yep there they you know they see the path that we need to cut that was Bostic I believe so there's a lot happen in the market today we are here available for phone calls to help get you pre-approved and if you're sitting on a high rate like above 7% on an existing mortgage give me a call let's look at um getting you a better interest rate take advantage of where the market is right now hope you find this helpful keep following us on all the socials the market update desk Scott Riley 616 293 2189 we're your original singular market news source for West Michigan have a great afternoon