The Jobs Report : Good For The Economy, Awful For Mortgage Rates

According to the government, the U.S. economy shed just 11,000 jobs in November, a 100,000 job improvement from October and the lowest tally since June 2007. Furthermore, the national Unemployment Rate dropped to 10.0 percent. The data is building economic optimism on Wall Street, forcing a retracement of the flight-to-quality bets made since October. These safe-haven bond buys dropped rates to their lowest levels of all-time last week. This week, not so much. There's a massive MBS sell-off in process. Rates unwound 3 weeks of improvement in the first 3 minutes of trading.