January 2014 jobs report stinks- mortgage rates should benefit

The heavily anticipated monthly jobs report from the Bureau of Labor Statistics is out and it stinks. The all-important monthly report showed that only 74,000 new jobs were added during the month of December. This is far below expectations of ~200,000. A weaker than expected jobs report tends to be a good sign for mortgage rates. I will post an updated ‘rate update’ on Monday so stay tuned!