Amber DeBirk

NMLS # 306407

801-272-0600

amber@advancedfunding.com

Amber DeBirk Mortgage Loan Advisor

Workin' 9 to 5, What a Way to Make a Livin'

"Workin' 9 to 5, what a way to make a livin'"- 9 to 5, Dolly Parton

This past week showed more and more people working 9 to 5 and home loan rates didn't like it.

First, the ADP Report on Wednesday showed 224,000 private jobs created, well above the 184,000 expected.

Then on Friday, the Bureau of Labor Statistics (BLS) Jobs Report showed 250,000 job creations in October, well above expectations. This sent Utah mortgage rates up.

Within that report, Hourly Earnings (wages) rose 3.10% year over year, the highest rate since April 2009. The pickup in wages is inflationary and this added to the uptick in bond yields.

Bottom line - good news, like this week's reading on jobs and wages, this is bad news for bonds and home loan rates. However, when you consider the strong economic backdrop coupled with still historically low rates, today is a great time to purchase a home.

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