Mortgage Market Update 04-08-14

The National Federation of Independent Business (NFIB) reported this morning that its small business optimism index rose 2 points to 93.4. The gains reversed the declines seen in February, but has failed to breach the 95 level that has capped the Index during the economic recovery. Six of the components improved, two were unchanged and two were lower. A spokesman for the NFIB said “the economy is at least crawling forward and not heading in reverse.”

The spring home buying season is underway and recent data has showed that the housing market has softened a bit. However, Fannie Mae released its National Housing Survey for March yesterday showing that consumer attitudes have continued to move in a positive direction in the past year, which could signal a pickup in home buying and selling activity this spring. The survey revealed that respondents who say it is a good time to sell rose to 38% from 26% at the same time last year.

The Bureau of Labor Statistics (BLS) reported its JOLTS (Job Openings and Labor Turnover Survey) today showing that there were 4.2 million job openings on the last day of business in February, up from the 3.9 million in January. The BLS went on to say that there were 4.6 million hires in February, little changed from January. Over the 12 months ending in February, the number of hires (not seasonally adjusted) changed little for total nonfarm, total private, and government.