The housing industry is closely monitoring employment figures as the Federal Reserve looks for weakness in the jobs market before potentially reducing high interest rates. Strong job reports currently keep mortgage rates elevated. Concerns surrounding President Trump's trade war linger, as its effects on unemployment and the broader economy remain uncertain. Although federal jobs declined, the construction and real estate sectors saw growth. Simultaneously, consumer confidence has sharply declined, with many potential homebuyers canceling or postponing their purchase plans, signaling trouble for housing demand.
The implications of the jobs report on the housing market are primarily related to mortgage rates, and the likelihood that they stay high is a negative compounded by other factors.
Consumer confidence has taken an epic dive, falling by 32% since January, which is taking a toll on demand for housing.
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