What a difference a day makes. With last weekend’s war declaration in the Middle East, we’ve seen market unrest and soaring oil prices. This means rising rates.
This morning’s jobs report showed -92,000 new jobs created (yes, a negative) versus the 50,000 expected, and unemployment came in higher at 4.4% versus the 4.3% expected.
If the Iran conflict weren’t happening, we likely would have seen mortgage bonds up substantially today, and rates would have improved. However, in this world, bonds rallied into positive territory for about five minutes before falling back to the worst levels of the day.
You’ll notice slightly higher rates than we’ve had in weeks, but pricing is still excellent compared to 6, 12, or 24 months ago.