Happy Friday, Brian Manning here with the weekly update. You know, I just had to come warm up for a second. It’s been a long winter. And oh boy, I needed a break in the tropics for sure. First vacation since December 2019. And, man, it’s nice to be away.
Anyway, so let’s talk about what’s going on in the market. So the big news for today is really going to be the jobs report. So job expectations was that there was going to be about a million jobs created in the month of April and it was a big miss so we ended up with 266,000 new jobs created in the month of April, which is not what the expectation was. And in addition to that, we also had prior month change and there was a reduction in the prior month of about 100,000. So total over two months now we’re probably at about 100,000 jobs greater, which is a pretty weak number. Markets are mixed right now. Certainly mortgage rates have liked this. Part of the reason why mortgage rates have liked this is because the Federal Reserve has been on the fence and they haven’t been very clear on when they’re going to start their tapering process, but this is really giving the Federal Reserve the green light to continue not tapering and purchasing mortgage-backed securities and US treasuries. So the Federal Reserve certainly has the green light to assist in keeping rates low right now.
Also looking at the unemployment, unfortunately, we saw the unemployment rate rise. And you know, the question right now is why? What’s going on? We’ve talked about this in the past, you know, there’s 7+ million jobs available in the United States but a lot of people don’t want to go back to work, a lot of people don’t have to go back to work because they make more money on unemployment through the month of September of this year than if they were to go back to work right now. So the job market, unfortunately not faring so well and you know, so many people thought this is going to be a blockbuster report, and the economy is roaring back and you know, it’s not what people were hoping for. So stocks mixed, mortgage bonds doing okay, through this whole thing, mortgage rates looking amazing, rates are phenomenal.
Still, I mean, they’re just unbelievable the rates we’re seeing. So if you have any questions, I have 8 people covering for me while I’m away you can call me my cell phone, text me, I’ll definitely get back to you. I can connect you with the right person. If you send me an email, you get an auto reply with the right person on my team to talk to. We have you fully covered. We’re still pre-approving people, still helping people buy houses even though I’m getting a little break. I’m going to come back strong and ready to go. Happy Friday Oh, and for everyone out there, hope you have a wonderful Mother’s Day weekend. Have a good one.