Long-term mortgage rates slipped back below the psychologically important 8% level on Friday. Bond prices resumed their rally while stocks soared after the latest economic announcement that showed an uptick in unemployment and much lower than expected job growth in February.

According to Bank Rate Monitor's daily national survey of lenders, the average 30-year fixed rate mortgage dropped to 7.99%. The 15-year fixed and one-year adjustable rates fell to 7.61% and 6.62% respectively. The 30-year jumbo rate slipped to 8.31%.

The yield on the bellwether 30-year Treasury bond edged down to 6.12% on Friday. Despite the favorable jobs report, analysts still believe that the Fed will raise interest rates another quarter point at their meeting later this month.

Led by technology issues, the Nasdaq composite jumped 160.28 points to a record 4,914.28. Blue chips joined the party too, with the Dow Jones Industrial Average climbing 202.28 points to 10,367.20. Analysts viewed the broad-based rally as a good sign for the market.

For more interest rate news, check out the Realty Times Interest Rate Watch