Economic Update

Last Friday’s Jobs Report was better than expected and reported that 175,000 jobs were created last month. January’s job creation figure was also revised upward.

CoreLogic also reported last week that home prices rose just over 12 percent in January, compared to the same month last year. This figure also includes distressed sales and marks the 23rd straight monthly gain in year-over-year prices.

Bottom Line for Mortgages:
As usually happens with positive economic news, bond prices dipped on Friday, which caused mortgage rates to inch up.