Posted on 03/08/2013 6:12:11 PM PST by whitedog57
Today’s job market report showed a better gain in jobs than forecast. Even though full-time jobs declined and part-time jobs increased, the market interpreted this news as positive.
But along with the “positive” jobs news, we also saw a rise in the US Treasury 10 year yield. It has generally been increasing since November 2012.
Meanwhile, the Fannie Mae 30 year current coupon rose to his highest level since May of 2012.
TBA performance deteriorated on the jobs news.
The Bankrate 30 year fixed-rate mortgage average rose, but is still below the recent peak of 3.69% on February 20, 2012.
Of course, The Fed may counter rising rates with continued Treasury and Agency MBS purchases that artificially maintain the remnants of the housing bubble.
It is bizarre that Central Banks keep manipulating interest rates with such meager results, n’est-ce pas?
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