{"id":46809,"date":"2016-04-01T08:33:23","date_gmt":"2016-04-01T15:33:23","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=46809"},"modified":"2020-10-06T17:08:19","modified_gmt":"2020-10-07T00:08:19","slug":"more-jobs-and-more-workers-what-does-it-mean-for-mortgage-rates","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/more-jobs-and-more-workers-what-does-it-mean-for-mortgage-rates\/","title":{"rendered":"More Jobs And More Workers. What Does It Mean For Mortgage Rates?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">There was good news on the jobs front today. Employers added 215,000 people to their payrolls in March and more people started looking for work, a sign of growing confidence in the labor market. Wages ticked up and unemployment held steady, according to the <\/span><a href=\"http:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\"><span style=\"font-weight: 400\">Labor Department<\/span><\/a><span style=\"font-weight: 400\">.<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><br \/>\n<span style=\"font-weight: 400\">Homebuilders were on a roll, too, adding lots of skilled workers, including 12,000 specialty contractors. In all, there were nearly 31,000 more residential <\/span><a href=\"http:\/\/www.bls.gov\/news.release\/empsit.t17.htm\"><span style=\"font-weight: 400\">construction jobs<\/span><\/a><span style=\"font-weight: 400\"> in March than there were a year earlier, a 4.5 percent increase. That\u2019s good news for housing and the economy.<\/span><br \/>\n<span style=\"font-weight: 400\">\u201c<\/span><span style=\"font-weight: 400\">These jobs not only helped feed strong employment growth but also provided a lift to the housing market, where the dearth of homes for sale has stymied homebuyers,\u201d Redfin chief economist Nela Richardson said. \u201cMuch of the decline in new housing starts is attributable the lack of skilled construction workers, so the 12,000-worker increase in residential specialty trade contractors is welcome news.\u201d<\/span><\/p>\n<h3>Wait, there&#8217;s more<\/h3>\n<p><span style=\"font-weight: 400\">All that hiring is getting more people off the couch. The share of working-age adults employed or looking for work rose to 63 percent, the highest level in two years. And the past two years of job growth is the best run we\u2019ve had since the late 1990s,\u00a0<\/span><span style=\"font-weight: 400\">said <a href=\"https:\/\/www.ihs.com\/experts\/nariman-behravesh-phd.html\">Nariman Behravesh<\/a>, chief economist at IHS Global Insight.<\/span><br \/>\n<span style=\"font-weight: 400\">\u201cThis is no mean feat,\u201d Behravesh said.<\/span><span style=\"font-weight: 400\">\u00a0\u201cThis is a vote of confidence on the part of workers regarding the health of the U.S. economy.\u201d<\/span><\/p>\n<figure id=\"media-46811\" class=\"align-center\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/04\/Capture-1.png\" alt=\"housing market\" width=\"768\" height=\"480\" \/><\/figure>\n<h3>So what?<\/h3>\n<p><span style=\"font-weight: 400\">The monthly jobs report is a critical measure of the U.S. economy and has the power to influence <a href=\"https:\/\/redfin.com\/blog\/2016\/03\/mortgage-rates-steady-but-wait-here-comes-yellen.html\" target=\"_blank\" rel=\"noopener noreferrer\">mortgage rates<\/a>. In theory, good news generally boosts the odds that interest rates will go up. <\/span><br \/>\n<span style=\"font-weight: 400\">That\u2019s not likely this time. At the moment, Fed Chair Janet Yellen and her team at the central bank are more worried about the anemic outlook overseas. Most people are <\/span><a href=\"http:\/\/www.cmegroup.com\/trading\/interest-rates\/countdown-to-fomc.html\"><span style=\"font-weight: 400\">betting<\/span><\/a><span style=\"font-weight: 400\"> Fed policymakers won\u2019t raise rates when they <\/span><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\"><span style=\"font-weight: 400\">meet<\/span><\/a><span style=\"font-weight: 400\"> later this month. <\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><br \/>\n<span style=\"font-weight: 400\">\u201cThis is another solid jobs report that is likely to have little impact on the Fed decision later this month,\u201d said <a href=\"https:\/\/www.nafcu.org\/About_NAFCU\/Senior_Staff_Bios\/Curt_Long__Director_of_Research_and_Chief_Economist\/\" target=\"_blank\" rel=\"noopener noreferrer\">Curt Long<\/a>, chief economist of the National Association of Federal Credit Unions. For Yellen &amp; Co., \u201cconcerns lie elsewhere, and the odds of an April rate hike are extremely remote.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A strong employment report in theory means higher mortgage rates. Not this time.<\/p>\n","protected":false},"author":13355,"featured_media":45847,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74,19],"coauthors":[],"class_list":["post-46809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>More Jobs And More Workers. 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