Derek McGowanLoan Officer / Owner, McGowan Mortgages · Branch Manager & Top-Ranked Mortgage Advisor

Jobs Report just got Exposed!

8 Mar 2026 · 1 min

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In this solo commentary, Derek McGowan argues that the recent strong January jobs report—130,000 jobs added versus the forecasted 70,000—did not trigger the usual drop in mortgage rates. He attributes this anomaly to a loss of confidence in the Bureau of Labor Statistics (BLS) after the agency disclosed a massive 69% downward revision to its 2025 employment figures, suggesting that prior job data had been overstated and had kept mortgage rates artificially high. McGowan predicts that as trust in the data erodes, mortgage rates will begin to fall, benefiting current homeowners and prospective buyers. He urges viewers to follow the underlying data rather than headlines and to stay tuned for further insights on what truly moves the mortgage market.

Chapters

The mortgage market just exposed the jobs reports and not many people are talking about it. Normally when the jobs reports come in strong, the economy looks good, mortgage rates get crushed. Oh, the January jobs numbers were supposed to show 70,000 jobs created. They came in at 130,000 jobs created. Mortgage rates should have got crushed. Not the case. Mortgage rates held steady. They've actually improved now the second day since. So mortgage rates are going against the grain. They're thinking for themselves. I think it's because they've lost trust in the data. That's because the Bureau of Labor Statistics who holds onto this, these data points, they just admitted they were wrong in 2025 by 69%. They revised down the 2025 numbers by over two-thirds. They way oversaturated how many jobs were really created. They've kind of falsified that. Mortgage rates were kept artificially higher, something we've called for, for the last couple of years. I'm glad it's kind of coming to fruition now. What this means for you is if you're a homeowner or a potential homeowner, I think mortgage rates are going to get better, which means the market's going to get busier. Follow the data, not necessarily the headlines, and follow us for more tips and tricks on what really moves the mortgage market.