This is a YouTube video titled "Good News for Mortgage Rates 📉 #interestrate #mortgagerates #mortgage #mortgagebroker" created in November 2023. The content is a monologue discussing recent job report revisions and their implications for mortgage rates, explaining how economic downturns can lead to better mortgage rates. There is a single speaker providing an analysis of employment data and its impact on the housing market.
Good news for mortgage rates on the horizon. So keep in mind, bad news for the economy is good news for mortgage rates. So let's go back for the last few couple months jobs reports. Back in August, they said that there was 187,000 jobs created. Well, then they went back around a few months later after the market kind of moved on to the next month, and they Revised that down 62,000 jobs less created. September, they said there was 336,000 jobs created. They went back around later on, revised that down to 39,000 jobs less created. And then if you look at the household survey, which, that actually surveys the employees, the people. Well, in October, the employers said that 217,000 jobs were lost. The people said 348,000 jobs were lost. And the crazy thing is if people aren't actively looking for jobs and seeking unemployment, they don't show up. On that report. There was a whole 200,000 extra people that lost their jobs that just didn't look for new employment that missed the radar. So if you combine that, we really lost about 550,000 jobs last month, but the employers just said about 217,000. More bad news, but good news to mortgage rates.
