The U.S. job market showed unexpected resilience in March, adding 228,000 jobs against an expected lower number. However, the unemployment rate slightly rose to 4.2%. While this job growth typically supports the housing market, President Trump's recent tariffs have created economic uncertainty, potentially delaying home sales. Realtor.com indicates that buyers are holding off due to high housing costs and market volatility, despite the potential for lower mortgage rates as bond yields fall amid declining stock indexes.
"This signals a slower spring for home sales. Buyers grappling with high housing costs and added economic uncertainty are biding their time, for now," says Realtor.com Chief Economist Danielle Hale.
The major stock indexes opened down more than 2% on Friday, and bond yields continued to fall, signaling that mortgage rates will likely drop.
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