The release of jobs data for February showed the creation of 275,000 jobs last month, roughly 75,000 more than economists predicted. Unemployment ticked up slightly for the first time in four months to 3.9%, the highest we’ve seen in two years. This is actually a positive factor for interest rates.
Also of note, remember in January when the number of jobs created was almost double the prediction? The Bureau of Labor Statistics announced a dramatic revision to that number, saying the actual number of jobs created in January was 124,000 less than previously reported. This is also good for rates.
So, to our favorite question: What are interest rates doing?
Slow and steady will be the name of the game for interest rates going down from here. Currently, the expectation is for three rate cuts from the Fed throughout the course of the 2024, with the first one probably coming in June. As data continues to come out over the next weeks and months, these predictions can always change. If it sometimes feels like a guessing game, that’s because it is. We make the best guess based on what we info we have available.
To get in touch, reach out to your Helen Adams Realty agent or contact Tom Baker directly.
About IntroLend Carolinas
IntroLend Carolinas is a mortgage marketplace that allows you to compare your options side-by-side, giving you the confidence to know you are receiving the best possible rate and terms. Helen Adams Realty has dedicated finance managers in their offices who have been in the mortgage and customer service industries for decades and understand how to take great care of any borrower in any scenario.