TGIF does not apply today--not when we've just been blindsided by a crushingly positive Non-Farm Payrolls number.  The consensus was for an 80k job loss, and we only lost 20k!  To make matters worse, unemployment fell appreciably. 

If you have access to a lender with 24 hour lock ability, now would be the time to use them.  Still, the damage to MBS, at least at this hour is much lighter than expected down around 13/32nds.  10 year treasuries are doing about twice as bad.  Trading is very heavy now and we're seeing wild fluctuations.  More to follow shortly...