Rates Unchanged On Mixed Employment Report

Bonds are flat today on the release of mixed economic news. Rates will likely stay unchanged. The anticipated Employment Report was released this morning showing an unanticipated drop in the unemployment rate, but also a higher than expected addition of new jobs. The net result was a flat market reaction. The Institute of Supply Management (ISM) index rose to a higher than expected level. This is also bad news for mortgage rates as it shows that manufacturing activity is healthier than anticipated and runs counter to concerns about a recession. Next week there is not so much new economic news due for release, and the potential for less volatility than we've experienced in the past two weeks.