There was a lot of upward pressure on rates this week and today’s positive employment data is also adding to the pressure. We had Oil spike up, some positive European economic data and today positive jobs report. The headline employment data showed 257K jobs were created in January versus the 235K expected and the previous two months were revised upwards by 147K. All of the positive data has pressured bonds and mortgage rates upwards. We ended last week with rates in the 3.625% range and we could end this week in the 3.875% range. The market is moving now but we will see if things stabilize here and hold at current levels.
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