What's going on and why does it matter?
The closely-watched jobs report came out this morning much stronger than market expectations, with 228,000 jobs created last month vs. market expectations of 198,000. This, coupled with the progress made overnight in the Brexit negotiations between Great Britain and the European Union, could cause stock prices to improve and mortgage pricing to get worse today. The Fed is scheduled to purchase up to $1.405 billion of GNMA mortgage bonds today, which may help.
What should you do about it?
Lock your rate to be safe.