Mortgage Market Guide's recap of what happened this week and why.
What a week. On Friday, the Jobs Report was supposed to report the worst numbers in American history. Instead, we ended up seeing 2.5 million jobs created, representing the highest monthly gain since 1939! Moreover, the unemployment rate was supposed to come in at 20%, but only rose to 13.5%. These numbers keep the notion of a "V-shaped" recovery alive.
Next week brings the Fed. Do they start talking about less stimulus? Watch 1% on the 10-year Note yield. Finally, the Jobs Report is so, so good for housing. Jobs buy homes, not rates. These great jobs numbers, should they continue, will help bring back non-QM and jumbo loans because default risk is eroding.
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