Quick setup for the jobs report. Markets are expecting about 53,000 new jobs added, with unemployment around 4.4%.

Lately, job data has been a bit soft. The ADP report showed 32,000 jobs lost, Chair Powell recently noted jobs may have been overstated by about 60,000 each month over the past few months.

If non-farm payrolls come in weaker than expected, bonds usually respond favorably and mortgage rates can improve.

Bottom line, a miss could be a near-term win for mortgage rates.

Comment More or Less in the comments on what you think the report will show.