Before this morning’s tasks report was released, home loan rates were on track to end the week at their highest levels in several weeks. This was because of an ongoing mega-spike in oil rates spilling over to the bond market (higher oil = higher inflation implications, and bonds hate inflation).
The jobs report saved the day, albeit in a morbid way. It was one of the weakest jobs reports in years with unemployment continuing to trend greater and the job count falling deeply into negative area. The tasks market is the only thing as essential to bonds as inflation, and task market weak point tends to press rates lower.
Bonds recovered back to levels that were right in line with yesterday, thus allowing most home loan lending institutions to adjust their rate offerings appropriately.