02/12/2026
Mortgage rates got their first dose of two heavy-hitting reports with NFP jobs today.
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The knee-jerk reaction at the release was a sharp bond sell-off, but a bloodbath was averted when investors began to process the massive revisions to the 2025 figures.
Todayโs report revealed over 1-million fewer jobs in 2025 than previously reported, with sizeable revisions to the month-to-month changes that in real-time greatly impact markets.
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All things considered, NFP left mortgage rates relatively unscathed, but inflation data still looms.
The CPI is a tricky one since lower inflation is bond-friendly but could have an opposite effect if data suggests more aggressive rate cuts from the Fed.
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Despite today's volatility, and slight 6-bps uptick, mortgage rate PRICES remain within the lower end of a 3-month range.
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Meanwhile, the spread between MBS yields and the 10-Treasury Note still hovers at multi-year lows.
