U.S. employers added 850,000 jobs in June – The Department of Labor and Statics reported that 850,000 new jobs were added in June. That was a much higher than the 559,000 new jobs added in May, and the most jobs added in 10 months. The unemployment rate was 5.9% in June, up from 5.8% in May, as more workers entered the workforce.
Stock markets up again this week – Stocks markets rose again this week, and the S&P closed the week at another record high. The June jobs report showed that the jobs recovery from pandemic related layoffs is strong. Employer’s added jobs at the fastest pace in 10 months. The Dow Jones Industrial Average closed the week at 34,786.35, up 1.0% from 34,433.84 last week. It is up 13.6% year-to-date. The S&P 500 closed the week at 4,352.54, up 1.7% from 4,280.70 last week. It is up 15.9% year-to-date. The NASDAQ closed the week at 14,639.33, up 1.9%, from 14,360.49 last week. It is up 13.5% year-to-date.
U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 1.44%, down from 1.54% last week. The 30-year treasury bond yield ended the week at 2.05%, down from 2.16% last week. We watch bond yields because mortgage rates often follow treasury bond yields.
Mortgage rates – The July 1, 2021, Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate was 2.98%, down from 3.02% last week. The 15-year fixed was 2.26%, down from 2.34% last week. The 5-year ARM was 2.53%, unchanged from 2.53% last week.