Mortgage rates survive jobs data as focus remains on Middle East 🏠📉☮️

Flash Market Update

As pointed out in the week ahead, the weeklong deluge of jobs data was more likely to hurt mortgage rates than help, as the focus would remain on the Iran peace talks.

Fortunately, no damage was done despite the Non-Farm Payroll surprise, which showed more new payrolls (115k vs 62k) than expected.

The dramatic decline in immigration and labor force participation has resulted in a shift in focus from bond traders.

Greater emphasis is now placed on the unemployment rate, which remained unchanged at 4.3%.

In the end, mortgage bonds clawed back about half of last week’s losses, keeping mortgage rates slightly ahead on the month.

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