Mortgage ratesÃ‚Â moved moderately higher today after the Employment Situation Report (aka “the jobs report” or simply “NFP,” after its trademark component “non-farm payrolls”). Ã‚Â This was a bit counterintuitive considering headline job growth was slower than expected. Ã‚Â Closer inspection reveals that the previous report was revised for the better. Ã‚Â This offset the current report’s weakness. Ã‚Â From there, traders focused on the stronger-than-expected wage gains–a key ingredient in the case for inflation (which pushes rates higher).
Today wasn’t all about the data though. Ã‚Â The last 6 business days saw the best winning streak for rates since the election. Ã‚Â Some traders were simply ready to cash in that winning streak, regardless of the jobs data. Ã‚Â That’s it for bad news.