Last week, according to the Labor Department, the US had a non-farm payroll increase of over 300,000 jobs for September. This report was 2X what was expected, and our Wall Street Warriors interpreted this news that the US economy was doing very well and expanding, which will mean higher inflation as more folks are now employed. So, what did our “warriors” do?? Drove interest rates higher on fears that our Federal Reserve folks will hike rates just one more time…or maybe more due to how well they believe the economy is doing. Again, their research and knowledge of what is happening in our economy is truly far from the truth. The truth is that our Country now has more folks doing a second job…side hustle…than ever recorded in our history. Do they think these folks are picking up a second job to advance themselves or simply make ends meet? My guess would be the latter. Given how our folks in Washington look at data…my guess is that they are probably counting these “side hustle” jobs as additional created jobs when we are truly talking about one person with two jobs just trying to pay the bills. Hopefully, someone will point both our Federal Reserve and our Wall Street Warriors in the right direction, as they are truly driving our economy into what could be a very long and deep recession. The only good news to that…is that rates will come down.
Remember… The BEST RATE… IS A LOCKED RATE… with a float down… ask me about our program that allows you to lock your rate and then float down if rates move lower.
Make sure you (or your buyer) get pre-approved before looking at homes so we can determine if you are looking in the correct price range and have you armed to submit an offer with a pre-approval letter!
Thank you for reading this blog. I hope that the facts and insights I share provide value for you.
If you’d like to allow me to invade your inbox and receive a weekend update from me each week, please provide your name and email address, and I’ll start sending over more facts and insights like you just read, as well as current market rates and news. If you have a topic you would like me to consider covering, please feel free to send it over. Who knows… I may write about it!
Blog post date: Friday, October 13, 2023