It is the day after the 4th of July and the jobs report was surprising. Nonfarm payrolls rose 224,000 in June, more than the expected 160,000. And a big rebound from the May’s. jobs added of only 72,000 jobs added. This translates to a record 157,005,000 employed!
On the news, US 10-year Treasury yields jumped 11.5 basis points to rise above 2%.
On this news, mortgage rates will likely rise next week.