Its been a great morning for mortgage bonds with bad news on the unemployment front bonds seem to be the only thing that likes the news. Rates are great today...check out my rates if you are in the market. So tomorrow is the monthly non-farm payroll figures day. This one economic report is a huge market mover. Though I dont expect there to be great news on the job front I do think that bonds are in a hard to win situation. Bonds have moved up over the past week and I would guess many traders will be cashing in on their gains tomorrow whether the job report is better or worse than expected.

I have been recommending to all my clients they lock in a rate today...ahead of this job report. At the end of the day we are still headed to the deadline of March 31st when the Fed ends its roll as a bond buyer which is going to send rates higher. The when part is hard to guess, but with rates being as low as they are now...why wait and gamble?

Remember there is a new good faith estimate to contend with these days so locking a rate isn't fast and simple as it once was so make sure if you are going to lock your rate you give your loan originator plenty of time to get the good faith estimate generated and audited by the lender before lock desks close.

Hopefully for our economy some jobs are added. Remember that each month 125,000 jobs need to be added to just keep up with population growth...so a number of less than that means we are still technically losing jobs...though you wont see that reported in the news.