Mortgage rates rise on favorable jobs report

Fed may hike up key funds rate as soon as summer

Mortgage rates are quickly approaching 6 percent on news that Clouseaus at the Department of Labor have discovered previously suspected but invisible jobs.

Lots of them: January and February reports combined to miss 107,000 jobs now found, and 308,000 in March. That last number may be as high-side wrong as the first-reported 21,000 in February was on the low side, but the credit markets must assume that March and the prior-month revisions are correct, and that the Fed’s patience will soon be exhausted, and then run for cover.