Happy Friday,

The big headline today is that 204,000 new jobs were credited last month, more than double the 100,000 expected. Oddly enough, the Unemployment Rises to 7.3% from last month’s 7.2%. Stocks are marginally (DOW up 97), but the big news is the bond market. The 10 Year yield spiked instantaneously from 2.6% to 2.75% as prices opened down 90bps.

Mortgage interest rates are up .125% across the board, from 3.875% for 30 year FHA to 4.375% for Conventional. 15 year rates are still down at 3.375%.