Job growth continues
Posted March 7, 2012 5:17 p.m. EST
Updated March 7, 2012 5:19 p.m. EST
The ADP jobs report indicated we added 216,000 private sector jobs in February. This number was higher than most economists had expected. The increase reinforces the momentum that we’ve seen over the past couple of months on the jobs front. Now the markets will be waiting anxiously for Friday’s employment number to see just how low we can go on Unemployment percentages.
Weekly mortgage applications dropped 1.2 percent for the week ending March 2. Refinances led the way for the decline being down 2 percent from the previous week.
Refinances now account for 77 percent of all mortgage transactions. That figure is down from last week and is the lowest reading since December.
Purchases, however, continue to increase, moving up another 2.1 percent for the week. This is the highlight of the week, as we want and need the fundamental strength of purchases to continue to grow here in the Triangle.
Mortgage rates haven’t done much over the past few trading sessions. As is the case, any major deviation from Friday’s consensus estimate jobs number has the potential to cause volatility for mortgage rates.