Sooo, what's going on here? 🤔

The only newsletter (probably) where you can get the latest market trends, mortgage news, and social + AI updates all in one place

September 9^th, 2024

Ok yes maybe we look like monsters but we can’t help it. Jobs being down in this economy makes us a little… happy. Let me explain.

See last week we got a mixed jobs report that showed our unemployment rate wen down BUT hiring has continued to slow. New jobs were better than the abysmal numbers we saw a few months ago, but overall we are seeing a drop. Check out this article for more details.

This is a big no-no for the Federal Reserve. They’ve kept rates high for some time now to make sure they get inflation down to the 2% range. They’ve almost got it all the way there, but another goal of theirs is to avoid hurting the jobs market.

Unfortunately, the high rates HAVE in fact been hurting new job creation (and has ticked unemployment up a bit too). So the fact that both inflation AND jobs are down means it’s time for the Fed to dial those rates back. And dial back they shall!

It’s basically now guaranteed that they will be dropping the Fed Funds short term interest rate next week. Because we know that those are about to drop, mortgage rates have fallen in anticipation of this. So we get the good early in the housing market!

But if you or your client are on the fence about buying, waiting for rates to drop even more, beware! Because rates may continue to fall over the next few months, but as those come down, competition goes up. And as those buyers flood the market, prices will go up too.

So this is a great opportunity to jump in while rates are better but the market hasn’t taken off yet. Let me know if you have questions or want to see how to make this current state of affairs work for you.

And here’s a video breakdown of this take if you want to share 👇

johnbmortgage

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Well that’s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week believe me when I say there’s a flood coming. That high rate levy is about to break, so if you’re on the homebuying fence, best jump now before you get lost in hectares of other on -the-fencers!

And as always, I’m happy to help you and your clients with anything mortgage, marketing, or social media. See you next week and

Thanks for reading!

John Birke | Mortgage Advisor | Content Coach

@johnbmortgage

[email protected]

479.445.5062

NMNLS 1150795