For the most part, the jobs report was bond bullish, improving or holding steady mortgage pricing as Nonfarm Payrolls fell 20K. Since the print, both stocks and mortgage backs held close to unchanged. Within the last 10 minutes, stocks have slipped, now down 88 points on the big board. This has helped to goose MBS higher and allow us to improve pricing by .125% (out shortly). With S & P futures (stocks) right on good support, we would expect a bounce in stocks early next week (at least a short term trade).
It fits with the technical picture as well since we are now becoming over bought in the near term. Overall, both global and stateside concerns will keep the market on edge and support lower mortgage rates.
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