Mortgage rates are moving higher this morning after the 8:30 EST release of February’s jobs report.
The 97,000 new jobs created was in-line with the 95,000 expectation, but January’s numbers were revised higher by 35,000 to 146,000.
In addition, the report showed a slight drop in unemployment and an increase in average hourly earnings.
If we put it all together, it looks like this:
- More jobs created
- Fewer people leaving the workforce
- More income for everyone involved
Separately, these items often lead to higher levels of consumer spending. Together, they may be a lock.
More spending creates more growth and that is why mortgage rates are higher today.