jobs: December’s Job Report : Good For Home Affordability - 01/07/11 10:13 AM
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report.
More commonly called “the jobs report”, the government’s data include raw employment figures and the Unemployment Rate.
The jobs report hit the wires at 8:30 AM ET today. It’s making big waves in the mortgage market and may help home affordability for buyers in Bangor this weekend, and would-be refinancers across Maine.
For this month, and for the rest of 2011, employment data will figure big in mortgage markets.
7 million jobs were lost in 2008 and 2009. Fewer than one million jobs were … (0 comments)

jobs: What’s Ahead For Mortgage Rates This Week : December 27, 2010 - 12/27/10 09:29 AM
 
Mortgage markets worsened again last week as the holiday-shortened sessions did little to buck recent momentum. Although Freddie Mac reported mortgage rates dropping 0.02% from the week prior, loan officers on the street will report the opposite. Rates did not fall last week.
Conforming mortgage rates in Maine moved higher for 7th straight week.
For rate shoppers and home buyers, it’s been a harrowing two months.  
Since the Federal Reserve announced its QE2 program November 3, 2010, mortgage rates have moved from all-time lows to 7-month highs. Mortgage payments now cost $38 more per month per $100,000 borrowed as … (2 comments)

jobs: Mortgage Rates Rapidly Rising On Jobs Data; More Risk Ahead For Friday - 12/02/10 09:04 AM
 
Mortgage rates are rising, up nearly 1 percent since mid-October. Tomorrow, rates could rise again.
The Bureau of Labor Statistics releases the November jobs report at 8:30 A.M. ET Friday. With a stronger-than-expected reading, mortgage rates should continue their climb, harming home affordability across Maine and nationwide.
And already, Wall Street is bracing for big results.  Here’s why.
Wednesday, payroll processor ADP said that 98,000 private-sector jobs were created in November. The figure was a complete blowout reading as compared to analyst estimates, which had the results in the 50,000 range. But that wasn’t all. ADP re-measured and re-reported October’s … (0 comments)

jobs: What’s Ahead For Mortgage Rates This Week : November 8, 2010 - 11/08/10 09:23 AM
 
Mortgage markets took a roller coaster ride last week, powered by the dual-force of the Federal Open Market Committee, and the government’s monthly Non-Farm Payrolls report.
As standalone events, both releases would have ranked among the top market movers of the year anyway, but throw in the rest of the week’s data –including the release of key inflation figures and the midterm elections — and it’s no wonder the bond markets were so bumpy.
Huge gains and losses characterized day-to-day trading last week. Overall, however, conforming mortgage rates in Maine improved; fixed-rate mortgage rates fell slightly less than adjustable-rate ones.
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jobs: Today’s Jobs Report Will Keep Mortgage Rates Highly Volatile - 11/05/10 08:53 AM
Mortgage rates have been falling since April, shedding more than 1 percentage point since the Refi Boom began. Today, that momentum could lose some steam.
The Bureau of Labor Statistics releases the October jobs report at 8:30 A.M. ET. With a stronger-than-expected reading, mortgage rates should rise, harming home affordability in Maine and nationwide.
As cited by the Fed earlier this week, jobs are a key part of economic growth and growth affects mortgage rates.
Looking back at jobs, starting in January 2010, after close to 24 consecutive months of job loss, the economy added jobs for the first time since … (0 comments)

jobs: What’s Ahead For Mortgage Rates This Week : October 12, 2010 - 10/12/10 10:59 AM
 
Mortgage markets improved last week on mixed messages about the economy, and a growing belief that the government will move to stimulate the economy.
Conforming mortgage rates in Maine eased lower.
According to Freddie Mac’s weekly mortgage market survey, average mortgage rates nationwide fell to new all-time lows last week. On the other side of that point, however, is that the accompanying “points” for today’s low rates have climbed to their highest levels of 2010.
In other words, mortgage rates are down, but closing costs are up.
There were two main stories driving mortgage rates last week. The first was … (0 comments)

jobs: Jobs Data Shows Private Sector Growth, Hints At Lower Mortgage Rates - 10/08/10 08:58 AM
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report from the month prior.  This month, though, because the first Friday of the month was also the first day of the month, the report was delayed one week.
The report hit the wires at 8:30 AM ET this morning.
More commonly called “the jobs report”, the government’s non-farm payrolls data influences stock and bond markets, and, in the process, swings a big stick with home affordability figures in Belfast and nationwide.
Especially in today’s economic climate.
Although the recession has been deemed over, Wall … (0 comments)

jobs: August 2010 Jobs Report Pushes Mortgage Rates Higher - 09/03/10 09:51 AM
On the first Friday of each month, the Bureau of Labor Statistics releases Non-Farm Payrolls data for the month prior. 
The data is more commonly called "the jobs report" and it's a major factor in setting mortgage rates for residents of Maine and homeowners everywhere. Especially today, considering the economy.
This is because, although it's believed that the recession of 2009 is over, there's emerging talk of new recession starting.
Support for the argument is mixed:
Job growth has been slow, but planned layoffs touch a 10-year low Consumer confidence is down, but beating expectations Consumer spending is weak, but not … (1 comments)

jobs: Nervous About Mortgage Rates Rising? Lock Thursday — Ahead Of Friday’s Jobs Report - 08/05/10 09:20 AM
Mortgage rates have been falling since April but that momentum could reverse tomorrow.
The Bureau of Labor Statistics releases the July jobs report at 8:30 A.M. ET Friday. With a stronger-than-expected reading, mortgage rates should rise, harming home affordability in Maine. Jobs are a keystone in economic growth and growth is tied to rates.
Earlier this year, job growth went positive and reached as far north as 431,000 jobs created in May. That figure slipped negative last month, however, as the temporary, decennial census workers left the workforce.
Jobs matter to the U.S. economy. Among other concerns, unemployed Americans spend less … (0 comments)

 
Shannon Odom (Northeast Bank)

Shannon Odom

Bangor, ME

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