“Happy ever after in the marketplace.” (The Beatles) Many job hunters were singing a happy tune as job growth surged in February.

Non-farm payrolls rose by 313,000 last month, well above the 210,000 expected, the Bureau of Labor Statistics reported. This was the largest gain since July 2016. December’s and January’s figures were also revised higher by a total of 54,000 new jobs. The unemployment rate remained at 4.1 percent.

The report also showed that wage growth cooled, rising just 0.1 percent. Year-over-year, wage growth slowed to 2.6 percent from the 2.9 percent in January, which has soothed fears of wage inflation. Overall, this was a solid report.

Research firm CoreLogic reported that home prices, including distressed sales, rose 6.6 percent from January 2017 to January 2018. Home prices were up 0.5 percent from December to January. However, 48 percent of the top 50 markets were considered overvalued.

President Trump signed off on tariffs of 25 percent on imported steel and 10 percent on imported aluminum. The tariffs exempt Mexico and Canada for now and leave the door open for negotiations with other countries. Investors will be watching closely to see how the markets react as this news develops.

Mortgage bonds have been trading in a sideways pattern in recent weeks, unable to make any significant improvement. Home loan rates have risen for the last nine weeks but remain near historic lows.

Data will be plentiful, with key reports on retail sales, inflation and housing.

  • Inflation data from the Consumer Price Index will be released on Tuesday, followed by the Producer Price Index on Wednesday.
  • The Retail Sales report will also be released on Wednesday.
  • From the manufacturing sector, the Philadelphia Fed and Empire State Indexes will be released on Thursday.
  • Look for weekly Initial Jobless Claims on Thursday as well.
  • In the housing sector, the NAHB Housing Market Index will be released Thursday, while Friday brings Housing Starts and Building Permits.

If you or someone you know has any questions about home loan rates or products, please reach out at any time. I’m always happy to help.

Related Articles

      If you’re in the market to purchase a home and concerned that rising interest rates could price you out of the home you’re looking at, then this article is for you. First, you need to understand what the difference in your monthly payment could be if the…
Read More of the post Why Rate Isn’t Everything

No Crash Zone. A Current Outlook on the Housing Market. By: Michael Pennington   Are you concerned that the housing market will crash like it did in 2008? That the cost of homes has skyrocketed so high that they are bound to come spiraling down and result in a market…
Read More of the post Why the Market Won’t Crash

As the weather changes, many homeowners are ready to not only get some spring cleaning done but to upgrade their home and make the most of spring this year and every other year. If you’ve wondered what home improvement projects will set your backyard up for success this season, three…
Read More of the post Three Backyard Renovations to Help You Enjoy the Spring!

Homebridge’s Diversity & Inclusion Advisory and Support Council In our continuing efforts to create a more equitable workplace, Homebridge established its Diversity & Inclusion Advisory and Support Council. This group will have two primary roles. First, to serve as a think tank for initiatives that will help foster and grow…
Read More of the post Homebridge’s Diversity & Inclusion Advisory and Support Council