Mortgage rates reacted somewhat harshly to an incredibly strong jobs report last Friday. At the time, I noted that such a jobs report would typically have done much more damage to rates, but that the current environment mitigates its impact for a few reasons. First off, labor market strength is taken for granted to some extent, because it’s been consistently good for about as long as it’s even been consistently good! Just as important is the fact that trade war fears are dominating the market’s focus. Depending on the outcome of trade negotiations, market watchers expect a fairly wide spectrum of market outcomes.
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