Mortgage Bonds are taking a breather so far today, after a sharp run up the last two days which was fueled by the Feds long-term purchase program of mortgage backed-securities.
This morning, the ADP Employment report showed US private firms lost a whopping 693,000 jobs in December. This was far worse than expectations of 495,000 jobs lost.
The Fed's purchase program should help mortgage rates going forward. For now, I am recommending to carefully float however with so much volatility in the markets, things can change quickly.
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