|10 year government bond yield||1.50%|
|30 year fixed rate mortgage||3.21%|
Stocks are lower this morning on no real news. Bonds and MBS are down.
The upcoming week will be dominated by the jobs report on Friday. We will also get the ISM Services Index and some Fed-Speak.
The Street is looking for 475,000 jobs to have been created in September, and for the unemployment rate to fall to 5.1%. The labor force participation rate is expected to be flat at 61.7%, and wage inflation is expected to rise to 4.6%.
Factory Orders rose 1.2% last month. Demand remains strong, however supply is the problem.
New CFPB Chairman Rohit Chopra is expected to run the agency in the mold of Richard Cordray, going after the biggest players.
President Joe Biden nominated Chopra in January. But his March confirmation hearing ended in a tie, which forced the nomination to be brought to the full Senate, after he told the Senate Banking Committee that the CFPB should examine “looming problems when it comes to forbearances.”
“I don’t want to see another foreclosure crisis in this country,” Chopra told the committee. “And we need to do everything we can to make sure the laws are being followed and homeowners can navigate their options.”
“In the mortgage market, fair and effective oversight can promote a resilient and competitive financial sector, and address the systemic inequities faced by families of color,” Chopra said in his opening statement. “Perhaps most importantly, administration of consumer protection laws can help families navigate their options to save their homes.”
The other thing that Chopra will bring back is rulemaking by enforcement, whish is analogous to driving down a highway with no speed limit signs. The only way to discover the speed limit is to get a ticket.