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Make A Mortgage Rate Plan BEFORE Friday’s Jobs Report

Unemployment Rate 2008-2011Mortgage rates could move higher beginning tomorrow morning. The Bureau of Labor Statistics releases its February jobs report at 8:30 AM ET.

Home buyers and rate shoppers in Parkland would be wise to take note. The jobs report is almost always a market-mover.

Consider last month.

Although net job creation fell well-short of expectations in January — just 36,000 jobs were added — the national Unemployment Rate dropped to 9.0%, its lowest level in 2 years. The marked improvement surprised economists and sparked inflationary concerns within the investor community.

This, in turn, caused mortgage rates to rise.

In the days immediately following the jobs report’s release, conforming rates across FL jumped 0.375 percent. That’s equivalent to a mortgage payment increase of $22 per month per $100,000 borrowed.

A similar spike could occur tomorrow.

Wall Street scrutinizes job growth because with more working Americans, there’s more consumer spending, and consumer spending accounts for 70% of the U.S. economy. A blow-out number tomorrow would change expectations for the future, and lead rates higher again.

The economy shed 7 million jobs between 2008 and 2009 and has barely made 1 million of them back. Tomorrow, analysts expect to see 183,000 jobs created. If the actual reading is lower-than-expected, mortgage rates should fall and home affordability will improve.

Anything else and mortgage rates should rise. Likely by a lot.

Therefore, if you’re shopping for a mortgage right now, consider your risk tolerance. Once markets open tomorrow, you can’t get today’s rates.

Click here to view Jon Klein & Parkland Homes for Sale & Coral Spring Homes for Sale

Click here to view Home Values in Parkland & Home Values in Coral Springs

View my listings at www.jonklein.com

Posted in: Jobs Tagged: Non-Farm Payrolls, Unemployment

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« Ignore The Case-Shiller Index; Focus On The Future Instead
FHA : Monthly Mortgage Insurance Premiums To Rise April 18, 2011 »

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Parkland FL REALTOR®Jon Klein, REALTOR®, P.A.,GRI

954-415-5595 Direct

954-449-9325 Office

954-827-0464 Fax

jon@jonklein.com

5691 Coral Ridge Drive
Coral Springs, FL 33076

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