Mortgage rates fell this week, as fallout from the coronavirus outbreak continued to keep investors on their heels. This week showed that investors don’t feel the labor market poses a risk to the economy for now, but the coronavirus does.

Even encouraging economic data releases from the past seven days were no match for the persistent uncertainty surrounding the coronavirus, which continues to have a far greater influence on market behavior. Mortgage rates fell on Friday, despite the release of stronger-than-expected January jobs figures. Positive news on the labor market has had a lesser impact of late – largely due to its enduring strength – but a downward movement in rates following such a strong report was an eye-opener nevertheless.

Until uncertainty about the outbreak begins to recede, it’s likely that these unconventional reactions to data releases will persist. Much remains up in the air, but what’s certain is that the coronavirus will be the main driver of mortgage rate movements for the near future.