Blog by John McClellan of Supreme Lending. Year after year, a top ranked Austin Mortgage banker, helping Central Texas home buyers for 21 years.
Unemployment rate dropped to 7.7% for February
byJohn McClellanonMarch 8, 2013
The unemployment rate dropped to 7.7% for February, and RTRS reports that U.S. FEB NONFARM PAYROLLS +236,000 (CONSENSUS +160,000).
That is a VERY large jump: Mortgage rates reacted badly, and we will see significantly higher mortgage rates today.
On the flip side, a stronger economy means more demand for housing. Now, if Central Texas just had more inventory to sell!