Tag: jobs reports

JOBS REPORT AND MORTGAGE RATES

us-mortgage-rates

One important financial which really helps shape the interest rate mortgage market is the jobs report.  This is a report that comes out once per month and is considered by most to be the main economic report for the economy.  Since 2010 the general trend in this job report has been a slow and steady increase to the number of jobs created.  Some are even stating the this job report may foreshadow a stronger ending in 2013 which will set us for great 2014… But lets not get ahead of ourselves shall we.

5.1 Million Jobs Added Since 2010

This report comes out the first Friday of each month and eagerly anticipated.  On Friday the rport is given before most financial markets open at 8:30.  The report is broken down into different sectors.  The Non-Farm payrolls are what experts take in the most consideration.  Most recently this job report has been getting better and better which some feel could start to be the end of great mortgage rates.

Since the bottom of the Great Recession the U.S. has added 5.1 million jobs.  This is a staggering number to think about but just remember that we lost 7.4 million jobs during the great Recession.  We are starting to get back to where we were before this great meltdown but still have a ways to go.  At this rate it could take us years to just gain bask the number of jobs that we lost and if our goal is to get better then we were before then we still have a ways to go.

RELATED: Michigan Mortgage Calculator– Figure your payment with current mortgage rates.

RELATED: Grand Rapids Mortgage Rates – See current mortgage rates in Michigan.

The Job’s report always shake up the Mortgage Rates

If you are in the middle of a mortgage loan you mnay want to condier locking in your interest rate before this report comes out.  This economic report really can make interest rates spike one or the other.  If you feel like you want to gamble you could really benefit for these numbers if they are lower then expected.  One thing is for certain you need to call the experst at Riverbank Finance today to discuss you rate lock options.  Call us at 80o-555-2098 today!

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Jobs Reports Reflect Lowest Unemployment Rate in 2 Years

Jobs Reports RasingThree months in a row we have seen the unemployment rate drop for us non-farm payrolls.  According to this morning’s jobs report we are now under 9% unemployment rates at 8.9%.  Employers added 192,000 jobs in the last month alone with manufacturing, business, education and healthcare.  This is the lowest unemployment rate since April of 2009.  The jump is the biggest monthly raise in job numbers since May 2010.

Analysts agree that the economy is on its way to recovery and the unemployment rate will not rise again to 10% in the foreseeable future.  The growth will be credited to  manufacturing and middle income opportunities for the auto industry and related industries as we see the economy slowly recover to a point it was a few years ago.

In terms of mortgage rates, this positive growth will most likely attract more money to the stock market with the Dow Jones Industrial Average futures up 1.59% at 12,258.20 this morning at 8:45 AM. The 10 year treasury note is also ticking up at 3.57.  Experts report that there should not be a large change in mortgage rates because the market expected these numbers and made corrections in prior days.

Mortgage rates should start slightly higher than yesterday.  If you are in the market for a mortgage to refinance your home or purchase a new home I would recommend locking your interest rate.  These positive jobs numbers show opportunity for future recovery of the stock markets which will reflect negatively on mortgage rates.