Home prices climb, jobs numbers drop, mortgage rates improve
Posted April 4, 2013
The March ADP Jobs report was certainly disappointing to say the least. The private sector delivered 158,000 jobs versus the expected number of closer to 200,000. The markets will be very focused on the March BLS employment report that will be released Friday morning. Consensus estimate is for the unemployment rate to remain unchanged at 7.7 percent. Any deviation from that figure could cause volatility throughout the markets.
Global uncertainty in Europe and Asia really helped bond prices today. The 10 Year enjoyed one of its largest moves in weeks with its yield dropping to 1.76 percent by the end of trading on Thursday. Mortgage rates were once again the beneficiary of today’s bond price climate.
Home prices continue to climb, according to the latest report out from CoreLogic. Its February home price index indicated that home prices have risen 10.2 percent from a year ago, which is a trend that has been embraced by housing participants across the nation. The increase was the twelfth consecutive monthly increase and the largest annual increase we have experienced in seven years.