Breaking news, the unemployment rate just skyrocketed from
three five to three seven.
But it's very, very, very confusing, so let's get to it.
What you're gonna learn today is maybe what the Federal Reserve is saying
isn't really connecting to the markets, but maybe the markets don't care.
If you don't understand that, let me get to it, cuz today is completely confusing.
Okay, so we see here, we know the Federal Reserves doing what they're doing.
They're raising rates to really crush inflation, crush the housing
market, and also take a huge chunk out of the employment numbers.
They want the unemployment rate to go up.
Okay?
So we look at that.
How would an unemployment employment rate go up?
Well, not many people getting hired.
Okay, So when we have a better than expected jobs report, why does the market.
I don't get it.
Okay, so let's look at the details.
Us payroll surged by 261,000, October Better than Expected.
So if we go to the economic calendar, it basically gives us the numbers.
So you can see right through here unemployment or the
non-pay or farm payroll numbers.
Last reading was 315,000 and that was a crazy number and the jobs market,
but then everybody, all the analysts thought that that number was gonna
plummet all the way down to 200,000.
So this is how many new jobs have been added per month.
So the 315,000 is right here.
And the expectations were 200,000.
It came in at 261,000, so let's just dissect this right across here.
Okay.
The unemployment rate was three and a half, right?
So they expected the economist expected 200,000 jobs to be added, right?
But that would bring, still bring up the unemployment rate to 3.5 or 3.6, okay?
From 3.5.
but it increased more than that.
So you would expect, well, the unemployment rate wouldn't increase
more than 3.6 or even go back down to 3.5, but it moves to 3.7 with a
higher than expected jobs market.
You don't get it.
Okay.
So, we're gonna look into this and figure out what in the heck's going
on, but what's this doing for the Wall Street and everything right now?
Well, you can see the Dow Jones is just killing it right now.
We go over to the bond market.
Mortgage-Backed Securities are flat, so my expectations were if we had a robust
jobs number, the stock market would plummet and mortgage rates would spike.
And we're completely seeing the opposite, and I don't know
why, and it's kind of scary.
So let's get over.
That's basically all the economic news that we have today.
Let's see where mortgage rates ended yesterday, where
we're gonna pick up today.
So we're gonna see rates at 7.3%.
These here, what you're seeing on your screen is mortgage rates
published by Mortgage News Daily.
They posted national averages in each one of these cells.
These cells are the top six mortgage products people use when they're
purchasing a house or refinancing.
Well, there's where they are right now.
You can see that the 30-year fix right now is averaging 7.3%.
I never thought I would say 7%.
You know, if you asked me last year or the year before or the year before,
Dan, you expect rates to be 7% in 2022, I'd be like, You're crazy.
Well, the Federal Reserve and the federal government is really screwing
up things here, but let's just work with it and go with what were served.
Because if you got lemons, you gotta make lemonade.
So here's the top six products.
If you want to see this report and get access to this, all you have
to do is subscribe down below to my newsletter, or you can even have it
linked down below for Mortgage News Daily where you can get it to yourself.
So if you like my videos, I know it's a short one today, but
there's not too much content.
I just wanna give you information about the unemployment numbers and why
there's a complete disconnect with Wall Street, the bond market and the Fed.
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You're not gonna put your data into Lending Tree, and then they're gonna
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We'll find out.
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So thanks for watching, guys.
God bless.
Have a fantastic weekend and I'll see you on Monday.
Take care.
Bye-bye.