A mildly disappointing February jobs report may lead to a small tick down on mortgage rates as investors price in expectations for future labor market weakness. A weakening, but not-yet-weak labor market added 151,000 jobs in February (vs. 159,000 expected) as the unemployment rate unexpectedly increased to 4.1%. Job creation in the first two months
Mortgage rates fell to 6.64% on Tuesday as the U.S. imposed broad-based tariffs against Canada, Mexico and China. The new tariffs kicked off a trade war with the three countries, and stoked fears the U.S. economy could be heading for a recession. Mortgage rates dropped 10 basis points on Tuesday to their lowest level since
The combined value of U.S. homes climbed to $49.7 trillion in 2024. The total value of homes owned by millennials grew to nearly $10 trillion, representing more than 20% of the U.S. market. Two upstate New York metros—Albany and Rochester—had the fastest growth in aggregate home value, while Florida metros grew more slowly. San Diego
January’s inflation report came in hotter than expected, with the shelter category increasing 0.4%—up from 0.3% in recent months. While the overall shelter inflation component of CPI did tick up to a monthly increase of 0.4% from 0.3%, the increase was due to “lodging away from home”—meaning hotel prices—which jumped to 1.4%. The “lodging away
January’s inflation report came in hotter than expected, though some of the “surprise” is due to start-of-the-year effects that have become more pronounced in recent years. Volatile hotel prices pushed the all-important shelter category back up to 0.4%, after it had fallen to 0.3% in recent months. Mortgage rates will climb higher today as expectations
Takeaway: The January jobs report was a mixed bag, but generally pointed to a stronger-than-expected labor market. Mortgage rates may see a little bounce off this data, but not much, as the Fed will continue to be expected to hold cuts until mid year. The unemployment rate unexpectedly declined from 4.1% to 4.0% and would