Updated on February 3, 2012 11:34:24 AM EST EST Friday’s bond market has opened down sharply following surprisingly strong employment news. The stock markets are reacting positively to the data with the Dow up 129 points and the Nasdaq up 37 points. The bond market is currently down 30/32, which will likely push this morning’s mortgage rates higher by approximately .375 - .500 of a discount point.
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There were two economic reports posted this morning, but it is only one of them that is causing the damage. That Labor Department reported early this morning that the U.S. unemployment rate fell for the fifth straight month in January, slipping to 8.3%. This was its lowest level since February 2009. They also said that 243,000 jobs were added to the economy during the month. Analysts were expecting to see an unemployment rate of 8.5% and 155,000 new jobs, meaning the employment sector was much stronger last month by a fairly wide margin than many had thought.
