Mortgage rates moved convincingly lower today following weaker-than-expected employment data from the Labor Department.  The big "jobs report" showed only 138k new nonfarm payrolls (the report's headline job creation metric) in May, and a negatively revised 174k in April (down from 211k).  March was revised lower as well, painting a suddenly gloomier picture relative to the strong, stable job growth reported since roughly 2011.  

It's not that the current numbers are worse than they were during some of the rough patches over the last 6 years, just that we're not seeing as much resilience.  Payroll growth has now come in under 250k for 10 straight months--something that hasn't happened since 2012 (but at least in 2012, the broader trend was positive as opposed to potentially reversing).

When job growth trends are "potentially reversing" for the worse, interest rates win.  It's too soon to know if this is merely the beginning of a bigger move toward lower rates, but we'll know a lot more about that next week.