The Quarterly Census of Employment and Wages (QCEW) captures over 95% of U.S. jobs. Tomorrow’s annual revision is expected to show a significant adjustment, potentially 800,000 to 1,000,000 fewer jobs, or about 75,000 per month revised down.

The bond market will react, and the Fed is now almost assured of cutting rates through the remainder of the year, potentially as much as 125bps over the next four months. That means a continued trend toward lower mortgage rates.

If you know friends or family looking to refinance or purchase, send them our way. We’ll take care of them and even start with a soft credit pull, no impact on their score.

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