This is a YouTube video titled "Reading into the latest Jobs Report" containing a monologue or commentary discussing the recent employment report's impact on mortgage rates. The speaker analyzes the economic implications of the employment numbers, emphasizing that the increase is driven by people taking second or part-time jobs due to financial stress rather than strong full-time employment growth. The content was created in July 2023 and focuses on economic trends and mortgage rate fluctuations.
Big employment report hurt mortgage rates last week. The employment numbers came in over expectations. And as we remember, good economic news hurts mortgage rates, makes them go up. Bad economic news like Covid helps mortgage rates, helps them go down. So this has actually got mortgage rates kind of in the territory of where they peaked back in November, which is the short term highs. But if we read more into it, it's not quite as bad as it might seem. I think this is just a blip on the radar a little bit. What I mean is it's not as if just more and more people are getting employed and everything's great in the job market, in the economy. I think we all agree the economy is not so perfect these days. What it really was is there's more people picking up that second job, that part time job, because they're hurting. They need more income to afford the expensive cost of living these days. So it was more of a, you know, kind of stress in the economy or a kink in the armor. And I think that's going to eventually kind of unravel and these employment numbers are going to come down because you can't count that second job or that part time job as strong labor as a full time job. So I think we're just seeing one evolution of it, one step. But sure, it took kind of a back step with rates go up, but I think it's going to eventually take a couple steps forward, help rates come down. Because this is just the first of many to come showing the economy is going in a bad direction.
