Mortgage rates were slightly higher after a stronger-than-expected August Jobs Report, but some of that early pressure has eased as the day has gone on.
Attention is shifting from today’s strong employment report to next week’s inflation data and what it could mean for the Fed.
The Bureau of Labor Statistics reported 162,000 jobs were added in August, well above expectations, while the unemployment rate held at 4.1%.
What This Means
Today’s stronger jobs data has created some upward pressure on mortgage rates. However, other employment reports this week showed slower hiring, and next week’s inflation data may have a bigger influence on the Fed’s next decision.
Looking Ahead
Inflation will be the focus next week. The Producer Price Index on Thursday and especially Friday’s Consumer Price Index will give markets a fresh look at price pressures and could have a meaningful influence on mortgage rate movement.
Miguel Terrazas
Mortgage Planner/Planificador Hipotecario // NMLS #227518
