The adjusted jobs report results on Friday reported a loss of 80,000 jobs in March. This represents the largest monthly loss of jobs in over five years. This coupled with significant losses in January and February and this Thursday’s estimate of 380,000 initial jobless claims means things will get worse before they get better. The last two recessions saw jobless claims reports above 360,000. Mortgage bonds rallied slightly on this news on Friday but changed course quickly as stock futures shot up in anticipation of corporate earnings reports this week and statements from Merrill Lynch and others that the credit crunch is over. Mortgage bonds continue to trade lower today and we will watch closely throughout the week for any signs of lower mortgage interest rates.
There is still plenty of inventory and opportunity for homeowners and investors alike in real estate markets throughout the country. Also, we are seeing significant rewards from razing and rebuilding, and renovating homes in highly desirable micromarkets throughout the country.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you and your clients. David. 919.851.0999.
