Job reports give mortgage rates a breather

April job growth was slightly off expectation, and that has given long Treasury notes and mortgage rates a breather, but nothing more. 

The whole fool world of finance, including the Federal Reserve, assumes an economic slowdown near ahead, but the actual data is hot. Until this mythic slowdown appears, long-term mortgage rates remain on hair trigger for 7 percent.

Today's April payroll forecast called for 200,000 new jobs, and 138,000 actual produced a relief rally in bonds.

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