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Here’s what we’ve got for you today:

1. Market improves from positive jobs report 📝

By the way, this article on Nuwave’s “Second Look” Program is the most clicked link in this newsletter, you should check it out if you are interested.

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Nuwave Rates Today 📉

Market Reacts to the Positive News: July Jobs Report

Friday was an extremely positive day for mortgage rates.

See the giant green candle stick on the right-hand side? That is Friday’s market and it shows in a single day, we regained all the ground lost since August 1.

As we said in previous MF Lending editions, August 4th was one of the market-moving days over the next two months: July’s Jobs Report.

Overall, non-farming payroll growth was lower than market expectations. This indicates the jobs market and overall economy are slowing, which will ultimately pull down inflation.

After this report was released, there is now an 86.5% chance the Fed will hold rates steady in September.

Here are the highlights from the July Jobs Report:

• Nonfarm payrolls rose by 187k, predictions were 200k

• Unemployment rate was 3.5%, predictions were 3.6%

• Leading jobs sectors: health care, social assistance, financial activities

Here is a chart detailing the last 18 months of job growth in the US - you can see that it continues to slow, which is exactly what the Fed wants to see.

Overall, this was very encouraging news for mortgage rates - and the market responded accordingly.

For those clients that may have been preapproved last week, they should see much better interest rates and monthly payments for homes they are looking at throughout the week.

The next big data point comes this week: August 10th - we get the July CPI print. We will give you a breakdown in the Thursday newsletter.

The Cul-de-Sac

Thanks for reading - that is all we have for today 😎

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— Michael F DiLucchio