Yesterday was quite a bad day for mortgage rates despite a weak stock market and a strong 10 year treasury.  When stock prices are down, treasury yields are down, and mortgage yields (interest rates) go up, it's a sign of some problems.

There were several pieces of economic news that spoke specifically to weakness in the mortgage market, which has investors wary about buying mortgage bonds, even though they are priced historically at all time lows compared to the 10 year treasury.  Remember, the more they buy mortgage bonds, the lower rates move.

This morning brings some relief.  Before trading opened, mortgage bonds improved slightly, but now we have some good data!

By good, I mean bad, as in a bad jobs report:

In breaking news the Jobs report was just released with a much worse than expected payroll decrease of 63,000 for February.

Plus, for the first time in months, the previous month's (january) numbers were revised downward, this time at a level of -22,000

 This is adding to the recovery that mortgage rates are having this morning.  We'll have to wait and see what happens between now and the time lenders release rate sheets, but, so far, so good.