nonfarm payrolls: Making A Rate-Lock Plan Before Friday’s Jobs Report - 06/02/11 09:50 AM
Tomorrow morning, at 8:30 AM ET, the Bureau of Labor Statisticsreleases its Non-Farm Payrolls report for May. If you’re floating a mortgage rate right now — or are in the process of shopping for a loan — consider locking your rate sooner rather than later.
The Non-Farm Payrolls report can be a major market mover, causing large fluctuations in both conforming and FHA mortgage rates in Laguna Beach. It’s because of the report’s insight into the U.S. economy.
More commonly called “the jobs report”, Non-Farm Payrolls is issued monthly. Sector-by-sector, it details the U.S. workforce and unemployment rates. 
Jobs momentum has been strong. … (0 comments)

nonfarm payrolls: What’s Ahead For Mortgage Rates This Week : May 9, 2011 - 05/09/11 12:23 PM
Mortgage markets improved last week on a bevy of economic and geopolitical news. Conforming mortgage rates in Newport Beach improved, falling to their lowest levels of 2011.
It’s a welcome development for home buyers and rate shoppers nationwide. Mortgage rates were expected to rise throughout most of this year.
There were four big stories that contributed to falling rates last week.
The first was the news that Osama bin Laden was killed. The news was announced over the weekend, and by the time markets opened Monday morning, the price of oil was already falling. Falling oil prices reduce inflationary pressures on the … (0 comments)

nonfarm payrolls: Job Growth Returning To “Normal” Levels — A Bad Sign For Mortgage Rates - 05/05/11 11:11 AM
Be prepared for Friday morning. Mortgage rates and home affordability could worsen quickly. At 8:30 AM ET, the Bureau of Labor Statistics releases its April Non-Farm Payrolls report and momentum has been strong.
The monthly jobs report is a market-mover and analysts expect that 196,000 new jobs were added last month. If those expectations are exceeded — by even a little — Wall Street would take it mean “economic strength” and the stock market would be boosted.
Too bad for rate shoppers, though; a move like that would also lead to higher mortgage rates throughout California. This is because, coming out of a … (1 comments)

nonfarm payrolls: Retail Sales Report Should Spell Higher Mortgage Rates For Wednesday - 04/12/11 11:00 AM
Consumer spending is alive and well, it seems — unwelcome news for today’s home buyers. 
Wednesday, the Census Bureau will release its March Retail Sales figures and the report is expected to show higher sales receipts for the 9th straight month. A strong reading like that should spell higher mortgage rates in Costa Mesa and nationwide.
The connection between Retail Sales and mortgage rates is fairly tight. Retail Sales are “consumer spending” and consumer spending accounts for the majority of the U.S. economy. The U.S. economy, of course, is a dominant force in setting the direction in which mortgage rates are headed.
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Scott Springborn (Back Bay Funding)

Scott Springborn

Newport Beach, CA

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