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Mortgage Update for Friday, May 4, 2012

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Jobs Report Data DisappointsSo far things have been fairly quiet and stable with mortgage rates this week in anticipation for today’s high risk event, The Jobs Report.

Otherwise known as the Non-Farm Payrolls report, the Jobs Report is released on the first Friday of every month and provides analysts and market watchers with very important data about the health of the US employment situation and unemployment rate.

Since jobs are a major engine in the economy that create economic growth, any data related to the health of employment in the US has the power to move markets and mortgage rates.

Disastrous: Jobs Report Data Released

At 8:30 AM EST this morning, Jobs Report data was released showing that in April, 115,000 jobs were created. Wall Street was expecting a number closer to 160,000 new jobs created being created. This is a huge disappointment to the markets, sending mortgage rates downward and marks two straight months of disappointing Jobs Report numbers.

The unemployment rate decreased to 8.1 percent in April from 8.2 percent in March. This is also very bad news. Why? The main reason this number has decreased is because 69,000 people were removed from the labor-force because they have been deemed to have stopped making any attempt to find work, which means they are no longer “unemployed” and have been removed from the unemployment calculation, thus lowering the unemployment rate!

This disappointing data also gives Wall Street more reason to believe the FOMC (Federal Open Market Committee or FED) will have more reason to implement QE3 (a third round of quantitative easing) in the future. A healthy economy has less of a need for QE3 and would likely not see a third round of easing.

Record Low Mortgage Rates: Where Are Rates Now?

In a fast moving market, mortgage rates can change frequently. Even on a slow day mortgage rates may change several times. To get up to the minute mortgage rates, please call us directly or request a rate quote using the form above.

We can also help answer any questions you have about which loan program(s) make the most sense for your needs and put together a mortgage strategy that makes the most sense for your goals.

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