What's going on and why does it matter?
Mortgage bonds opened lower this morning and mortgage pricing could get worse in the wake of a much stronger than expected jobs report. Non-farm payrolls grew by 313,000 last month, compared to market expectations of 200,000. Meanwhile, average earnings were weaker than expected. The Fed's mortgage bond buying activity today is limited to $215 million of 15-year conventional mortgage bonds. Buckle your seatbelts and get ready for some market volatility!