The 2013 housing market is expected to perform well. Job growth is playing a role in its recovery.
For Thursday and Friday, expect jobs data to dictate where mortgage rates are headed.
Mortgage bonds improved last week, pushing mortgage rates lower nationwide.
According to the Bureau of Labor Statistics (BLS) and its November 2012 Non-Farm Payrolls report, the U.S. economy added 146,000 net new jobs last month.
Friday morning, the government’s Bureau of Labor Statistics will release its Non-Farm Payrolls report.
Since the jobs report’s release last Friday, mortgage rates are dropping.
Last Friday, in its Non-Farm Payrolls report for the month of March, the Bureau of Labor Statistics announced 120,000 net new jobs created, plus combined revisions in the January and February reports of +4,000 jobs.
When jobs come back, analysts say, so does the economy. That should push mortgage rates higher.
It’s a risky time to be without a locked mortgage rate — especially with the pending release of January’s Non-Farm Payrolls report.
If you’re floating a mortgage rate, or have yet to lock one in, today may be a good day to call your loan officer. Friday morning, the government releases its Non-Farm Payrolls report at 8:30 AM ET.