Weekly Mortgage Update

Good jobs numbers came out this week underscoring the continued economic improvement. This is the THIRD month in a row showing good job growth with 227,000 new jobs added and upward revisions for December and January.  One interesting thing to note is that the household employment survey, which feeds into the unemployment rate, has shown VERY strong job growth with 847,000 jobs added in January and 428,000 in February.  Still, this is not enough to drive down the unemployment rate which remained at 8.3%.   The reason is that people who have stopped looking are starting to look again and new people join the workforce every month. 

So our economic balloon is lifting off and that is good news.  But we won’t rise up quickly as we are in a global economy and the basket is weighted down by the issues in Europe, the slow down in China, and the concerns over liquidity in India. Because of this damper, rates have only ticked up slightly and are still in the trading range they have been in over the past 4 weeks.  Sounds like the opportunity is still out there. 

This week Freddie Mac’s 30 year fixed rate came in virtually unchanged at 3.88% depending on program, credit and points.   Have a great weekend and have your buyers call us so we can get them approved to buy.

Starkey Mortgage is an equal housing lender.

                                       The views expressed are those of the author and do not represent Starkey Mortgage

Ted Clay
Senior Loan Officer 
Senior Loan Consultant 
NMLSR # 217991
OK License # MLO01963
Office: 405-341-8644 x 102
Cell: 405-826-1320
Fax: 866-208-5309
tclay@wrstarkey.com
www.TedClay.com

WR Starkey Mortgage, LLP NMLSR # 2146
10 E. Campbell
Edmond, OK 73034