Good Morning Everyone-
I will keep this short.
Today was Jobs Friday. We just had a huge jobs number today. The market estimated that we would should have 165K new jobs created for February, the real number came in at 236K. The unemployment rate dropped from 7.9% to 7.7%. Many components go into the unemployment rate, however for simplification purposes, its better than what it was.
We did have some revisions to old jobs numbers and it turned out the economy shed 15K more than expected. This is peanuts compared to the huge number we just received.
Mortgage Rates will open up most likely .125% worse (roughly .375 to .500 in price). Make sure your clients know why the markets have had this huge move in the past 60 days and note to them how the stock market has been on an absolute tear since the start of 2013.
Be aware of your market, educate your clients and let's close some deals.
Josh
