The jobs reports were released today and the numbers were both good and bad… depending on which survey you are looking at!
Analysts were expecting to see a gain of 15,000 new jobs created. Instead, the report showed a loss of 20,000 jobs. At the same time, the unemployment report was released at 9.7%, down from 10.0% just a month ago. Unemployment numbers for both October and December have been revised considerably worse as well.
Both the stock and bond markets have been trying to make up their mind as to how to react to this information, causing great volatility in the markets today. On January 19th, the Dow was at 10,725, and is currently down to 9,974. Mortgage bonds started out the day down 25 basis points and have since turned around and at one point were up by 19 basis points…a nearly 50 point swing in one day!
Volatility may be more prevalent in the weeks ahead as the Fed purchasing of mortgage backed securities comes to an end. We have been warning for several weeks now that higher rates are likely on the horizon. If you or someone you know is in the market to purchase or refinance, don’t miss out on these rates!
~ Courtesy of Wendy Charles, LoanCentral LLC, 425.468.9321, WendyC@LoanCentral.com
- Jeanette Eide
- Bellevue, Washington
- I’m a full-time professional Realtor specializing in residential resale and new construction in Seattle, Bellevue, Redmond, Kirkland, Issaquah, Newcastle, Sammamish, Bothell, Mill Creek, Snohomish, Everett, Woodinville, Kent, and Renton. Together with my husband Erik, we have over 17 years experience. We take the time to listen – getting to know you and establishing your exact needs. From there, our sole focus is getting you where you want to be, on time, in the smoothest manner possible. Together with our team of professionals, the closing of your transaction will be handled knowledgeably with the attention to detail you expect and deserve.
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