Jobs Report Impacts Housing Market: Stabilization with Downside Risks

0:00It's March 11, here's your Durham News in two minutes. A recent jobs report showed non-farm payrolls dropped by 92,000 in February, with unemployment holding steady at 4.4%. Zillow used this data to update its housing forecast, predicting stabilization, but with downside risks, from a cooling job market. Software hiring trends make buyers and sellers cautious, leading to fewer home transactions overall. Households need more job security before listing properties or making big moves. First-time buyers especially hold back, while renters stick with lease renewals instead of jumping into purchases, sellers wait for better confidence, even as affordability edges up. Freddie Mac reported the 30-year fixed mortgage rate steady at 6% this week, down nearly a full point from last year. This has sparked more refinance activity and purchase applications ahead of last year's pace. Efren says the weak jobs data won't push rates much lower, thanks to rising geopolitical tensions in the Middle East, driving up oil prices and market, volatility.

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