08/07/2026
The latest Jobs Report painted a much different picture of the economy than many expected.
📉 July actually LOST 23,000 jobs, compared to expectations for an 80,000 job gain.
Even more telling, May and June were revised sharply lower, cutting a combined **103,000 jobs** from prior reports. That's why economists pay close attention to revisions, not just the headline number.
The unemployment rate dipped from 4.2% to 4.1%, but there's an important catch...
Nearly **264,000 people left the labor force**, so they were no longer counted as unemployed. That's very different from adding hundreds of thousands of new jobs.
What does this mean for mortgage rates?
Mortgage rates generally follow the bond market, and bond investors tend to favor signs of a slowing economy. A weaker labor market can reduce inflation pressure and make future Federal Reserve rate hikes less likely, which can be supportive for mortgage rates.
No one knows exactly where rates will go next, but reports like today's are one of the biggest economic indicators lenders and mortgage professionals watch each month.
If you're planning to buy a home, refinance, or you're simply wondering whether waiting makes sense, now is a great time to have a conversation and build a strategy before the market changes again.
📲 Send me a message anytime if you'd like to review your options.
