Rates Lower Based on Friday’s Jobs Report
Mortage Rates moved lower based on last Friday’s Jobs Report. Even though the nations unemployment rate fell from 8.3% down to 8.1%, the report was discouraging in that this decrease represented those unemployed who had left the job market. In addition, only 96,000 new jobs were added. It was widely expected that based on recent market activity, that at least 120,000 new jobs would be added. It is widely accepted that at least 200,000 new jobs need to be added in order to keep up with population growth.
