Mortgage bond prices opened lower applying upward pressure to mortgage
rates. Rates are under pressure following stronger than expected jobs
data.
In news released at the open, non-farm payrolls rose 163K
and the unemployment stood at 8.3%. Expectations were for the US
economy to add 100K new jobs and the unemployment rate to stand at 8.2%.
The stronger read on the non-farm payrolls number may well give Ben
Bernanke cause to pause.
Traders are now waiting for stocks to begin trade at 9:30 am ET.
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