Weekly Market Observations - February 7, 2023

Here’s Our Weekly Market Observations :

US job growth exceeds expectations with 517k nonfarm jobs added in January

Unemployment in January was 3.4%, the lowest it’s been in 54 years

Mortgage applications up as rates fall from 20 year high

Pending home sales increased 2.5% in December ending a 6-month consecutive decline

Average 30yr fixed mortgage rates down slightly to 6.09%