Tomorrow we get the official government numbers on the employment situation. This is the most influential report offered on a monthly basis. Job creation is crucial to our overall economic recovery; if more people are out of work, there will be less consumer spending. This is bad for corporate profits and our economy. I have been saying all week to lock ahead of this report, I am sticking with that guidance. If tomorrow's report is better than expected, rates will rise and rise quickly. If it is on the screws or slightly worse, mortgage rates will probably hold steady near current levels, even if MBS prices rise. if much worse than expected, rates could dip another .125% for a brief amount of time. With rates holding at the best levels of the year and not much to gain by floating, the wise move is to lock ahead of this report.
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