Mortgage Applications pop, Employment number higher than expected
ADP Employment Change
MBA Mortgage Applications
Companies added 198,000 workers in February, according to a private report based on payrolls. The increase in employment followed a revised 215,000 gain the prior month, figures from the Roseland, New Jersey-based ADP Research Institute showed today. The median forecast of 41 economists surveyed by Bloomberg called for an advance of
170,000. Estimates ranged from gains of 125,000 to 210,000. The prior month’s figure was revised from a previously reported increase of 192,000. Small businesses led all private employers by adding 77,000 jobs, Medium businesses added 65,000, while Large businesses added 57,000.
Economists estimate that the Labor Department report this week may show private payrolls rose by 167,000 last month, according to the Bloomberg survey median.
MBA Mortgage Applications jumped up after three weeks of declines. MBA mortgage applications index jumped 14.8% week ended March 1 after dropping 3.8% prior week.
* Refis rose 14.8% after falling 3.3% prior week
* Purchases up 15% after prior 5.2% decline
* Avg. 30-yr fixed rate 3.70% after prior 3.77%
* Refis 76.5% of loans after 76.9%
* NOTE: Prior week had included Presidents Day holiday