Unemployment Rate Drops to 3.7%

After a stellar ADP Jobs Report on Wednesday, the official Jobs Report on Friday from the government was a mixed bag. Here are the highlights—

• Just 134k new jobs were created last month, less than the 180k expected. The government said Florence had some impact on this number.
• But, July and August jobs created were revised upward by a combined 87k, giving us a strong 3 month average of 190k.
• The unemployment rate dropped to 3.7%, its lowest level since 1969.
• The household survey showed that there 420k jobs created last month which is why the unemployment rate dropped.
• The labor force participation rate remained at 62.7%.
• The U6 unemployment rate increased slightly by 0.1% to 7.5%.
• Average hourly earnings are up 2.8% year over year.
• However, weekly earnings are up 3.4% year over year the highest level since 2007. Weekly earnings also includes the number of hours worked and is a better representation of consumer earnings.

Rate Update–

• Conventional 30 year 5.25%/APR 5.367%
• FHA 30 year 5.00%/APR 5.94%
• FHA 30 year with a 580 Fico Score 5.50%/APR 6.804%
• FHA 30 year with a 550 Fico Score 5.875%/APR 7.054%
• VA 30 year 5.00%/APR 5.21%
• VA 30 year with 550 Fico Score 5.75%/APR 6.21%
• CHFA First Step (FHA loan) Down Payment Assistance Program 30 year fixed at 5.125%/6.165%
• CHFA Conventional Down Payment Assistance Program 30 year fixed at 5.375%/APR 5.970%
• Conventional 3% down with NO PMI 5.75%/APR 5.923%
• Jumbo 30 year 4.75%/ APR 4.867%
• Jumbo 7/1 ARM 4.25%/ APR 4.25%