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Jobs Report Due Friday; Mortgage Rates Expected To Change

Non-Farm Payrolls estimateIf you’re out shopping for a home this week, or trying to lock a mortgage rate, with Friday comes home affordability risk. Consider locking your mortgage rate today.

The March Non-Farm Payrolls report is due for release Friday morning and mortgage rates are expected to move. Unfortunately for the home buyers and rate shoppers of Port Aransas , we can’t know in which direction that will be.

The prudent play may be to lock your mortgage rate today.

On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report. More commonly called “the jobs report”, the release is a bona fide market-mover, month after month. 

Depending on how the March jobs data reads, FHA and conforming mortgage rates could rise — or fall — by a measurable amount post-release. This is because today’s mortgage market is closely tied to the economy, and the economy is closely tied to job growth.

The connection between jobs and mortgage rates is basic.

More workers leads to higher levels of consumer spending nationwide and consumer spending accounts for the majority of the U.S. economy.

In addition, when more workers are paid, more taxes are paid, too. Local, state and federal governments collect more monies when payrolls are rising which, in turn, benefits projects that purchase new goods and services, and, in many cases, results in the hiring of additional personnel.

Job creation can be a powerful, self-reinforcing cycle. 

Between 2008 and 2009, the economy shed 7 million jobs. It has since recovered half of them. Friday, analysts expect to count another 200,000 jobs created. If the actual number of jobs created exceeds estimates, look for stock markets to gain and bond markets to lose. This leads to higher mortgage rates — especially with the Federal Reserve zeroed in on the labor market.

If the actual number of jobs created in March falls short of expectations, however, mortgage rates may fall.

Unfortunately, by the time the report is released, it will be too late to act on it. The release is made at 8:30 AM ET and bond markets are closed for Good Friday.

Posted in: The Economy Tagged: Bureau of Labor Statistics, Jobs Report, Non-Farm Payrolls

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Port Aransas Texas Real Estate
Julie Woodward, Broker/Associate

Address: 1900 State Highway 361
Port Aransas, TX 78373-4894
Direct: (361) 563-7788 (Mobile)
Phone: (361) 749-6000 (Office)
By Fax: (361) 749-5337 (Fax)
By e-mail: juliewoodw@coldwellbanker.com

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Hot Port Aransas Real Estate

This home is known as Canary Island and was designed with families in mind. Open kitchen, living and dining with beautiful vinyl plank and tile. Also on this level is a large master bedroom with private bath and a half bath in the hallway. There is a large covered deck off of the kitchen and dining with shade in the afternoon. The third floor has three bedrooms, two baths and a laundry closet. The master on this floor has access to the covered deck and an adjoining bath. The guest bedroom shares a Jack & Jill bath with the bunk room that has 2 sets of beds. There is a large garage and parking to accommodate 5 vehicles or 4 vehicles and a boat. Bella Vista has a beautiful lagoon style pool with waterfalls and the large private lake has fountains. It is only minutes away by car to the beach, 10 minutes from Port Aransas restaurants and 15 minutes from Schlitterbahn water park on Padre Island. The condo is beautifully furnished and the furnishings convey. Great investment opportunity! $434,500 Active

162 La Concha #18 18 Port Aransas, Texas

4 Beds 3.5 Baths 1,818 Sq Ft

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