Ouchy jobs report
A brutal employment report today bodes well for mortgage rates. Borrowers, rejoice in the bad news!
The economy added 36,000 jobs in January, according to the Labor Department. Private nonfarm employers added by 50,000 jobs, while government jobs shrank by 14,000. This is worse than expected: the consensus prediction had been an increase of around 150,000
Beware the jobs report
The nonfarm payroll report for January will be released at 8:30 a.m. eastern time Friday, and you should consider locking a mortgage rate before then.
According to Briefing.com, the consensus prediction is that the economy grew by a net 148,000 jobs in January. If the nonfarm payrolls number is higher than that, then mortgage rates could