Will today’s jobs report impact the mortgage market?

Millennial woman looking at economic data in a coffee shop | mortgage rate news

What to expect from Friday’s jobs data?

The Bureau of Labor Statistics is scheduled to release November jobs data on Friday. The consensus of economists is that employment will show growth by 180,000 positions and the jobless rate will hold steady at 3.9%.

Karin Kimbrough, LinkedIn’s chief economist, said, “We’re expecting to see moderate growth. And if our own data is any predictor, we’re actually thinking that it’s going to be a slightly underwhelming number.”

Friday’s report is expected to provide an indication if we’re back in a more balanced job market or if it’s cooling at a faster rate. Interest rate hikes are expected to see the job market and economy cool off, so there’s a chance that market watchers could react favorably to a weaker jobs report. However, if the numbers surprise and come in stronger or remarkably weaker, that could also shock the market. The data is slated for an 8:30 AM ET release today.

Is the mortgage refi market starting to pick up?

According to recent data from the Mortgage Bankers Association, mortgage refinances are at a two-month high. The refinance index increased by 14% in the week ending on December 1st. That’s 10% higher than the refinance market at the same time last year.

Joel Kan, MBA’s deputy chief economist, said, “Refinance applications saw their strongest week in two months, increasing on a year-over-year basis for the second consecutive week for the first time since late 2021. The overall level of refinance applications is still very low, but recent increases could signal that 2023 was the low point for this cycle for refinance activity.”

What does it cost to own a home from television?

The New Jersey home that was featured on the popular TV show ‘Sabrina: The Teenage Witch’ is on the market.

Located in Freehold, NJ the home was built either in 1905 or dates back to the 1800s. There are conflicting historical records. Either way, the 4,862 sq. ft. home is now an office building with commercial zoning. It can be converted back to a residential property.

The layout offers three finished floors, eight bedrooms, a full kitchen, and living spaces available. The exterior also offers a turret and Victorian millwork and windows.

The price tag on this property? Only $1.3 million. Sadly, it does not come with a talking cat.

in 10 minutes?

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in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

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