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After the Phillies dropped the first two at home, I should have known that this would happen, too.

Not only did September's job data exceed expectations, but August's net loss of 4,000 jobs was revised higher to a net gain of 89,000.  That's a bigger swing than Montpelier.

Mortgage rates are getting bludgeoned this morning as traders:

1. Shift their expectations for the Fed's next meeting
2. Question whether the Fed acted to quickly to lower the FFR last month

Me, I am more surprised that the Non-Farm Payrolls report has this much sway.  Statistically, it's somewhat insignificant.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.