San Antonio's Economic Update and Mortgage Rate Insights with Krista Klause

🔑 Your San Antonio and Surrounding Areas Realtor, Krista Klause 🔑

This week's economic landscape had a mixed impact on mortgage rates, ending with a slight decrease despite significant job gains and unexpected wage growth.

Key Economic Events:

• Fed Meeting: No surprises from Wednesday's meeting, leaving little impact on mortgage rates.
• Employment Report: Friday's report showed a robust addition of 353,000 jobs in January, surpassing expectations and marking the largest monthly gain since January 2023. Despite this, mortgage rates saw a minor decline.

Labor Market Highlights:

• Job Gains: Massive increase in jobs, especially in professional services, healthcare, and retail.
• Unemployment Rate: Held steady at 3.7%, below the anticipated 3.8%.
• Wage Growth: Earnings rose by 0.6% from December, indicating potential inflationary pressures.

Manufacturing Sector:

• The ISM national manufacturing index indicated some sector contraction but showed the highest level since October 2022.

Fed's Monetary Policy:

• No rate changes were announced. Future rate cuts are eyed with the first expected in May, depending on inflation trends.

Looking Ahead:

Investors await more clarity on the Fed's monetary policy, with a light week for economic reports ahead. The ISM national services sector index and Trade Deficit data are upcoming, alongside Treasury auctions that could sway mortgage markets.

Bottom Line for San Antonio Homebuyers:

Despite economic fluctuations, the current slight decrease in mortgage rates presents an opportune moment for San Antonio homebuyers. Stay informed and make strategic moves in this dynamic market.

📞 Contact Krista Klause for tailored advice on navigating San Antonio's housing market amidst these economic conditions.