Mortgage Rates Near 1-Month Highs, But That's Still Pretty Great

Wednesday's Market Movement Raises Stakes for Friday There are times when the bond market seems not to care too terribly much what the ADP Employment report is saying.  There are other times when ADP has a surprisingly big impact.  Relative to the size of today's beat, we arguably saw one of the surprisingly big reactions today.  It's not that the move was huge, but rather, that a beat of 143k vs 120k f'cast isn't really worth trading one way or the other normally.  It speaks to a market that's on edge about a potentially reassuring NFP on Friday.  The default expectation is for more and more labor market slack to be showing