Double the Jobs, Same Rates — Plus the August 1st Condo Deadline Every Agent Needs to Know

The May jobs report just dropped — and what happened next will surprise you. Non-farm payrolls came in at 115,000 jobs created versus an expectation of 55,000. Double the expected number. And the bond market barely moved. In fact, rates are slightly better on the day.Craig Garcia and Bill Mei break down why the old rules of the jobs report no longer apply, what Matt Graham of Mortgage News Daily is saying about the shrinking labor force, and why the unemployment number has replaced NFP as the signal that actually moves rates.Plus: Kevin Warsh is about to become the new Fed Chair — the first partisan committee confirmation vote in Fed history. What does a known hawk in that seat mean for mortgage rates through the rest of 2026?And the segment agents in South Florida cannot afford to miss: August 1st is 85 days away, and the condo financing rules are about to change permanently. No more limited reviews. No more "just put more money down." If a condo doesn't have 10% reserves in the budget, no Fannie Mae or Freddie Mac loan — period. Craig and Bill explain exactly what listing agents and buyers' agents need to know before that deadline hits.Topics covered:- Why 115,000 new jobs didn't move rates — and what that means going forward- The shrinking labor force and NFP's credibility problem- Kevin Warsh confirmed as Fed Chair — hawk in the seat, June 17 first meeting- Why rates tend to go up faster than they come down- August 1st condo reserve deadline — what changes and what doesn't- Purchase applications up 20% year over year — but context matters- The VA video reaction from Andrew Sesta and Rick Thompson's 40-year endorsementReal Estate Real Talk With Sesta Video: https://youtu.be/UoJTchnfYvA?si=RW1R31vjQ-cRx7BH**Subscribe for weekly market updates** on rates, inflation, jobs reports, and what actually moves mortgage pricing. 📍South Florida focus — national relevance. #MortgageRates #HousingMarket #RealEstate #Fed #FannieMae #FreddieMac #MBS #Refinance #HomeBuying #SouthFloridaRealEstate 🎧 LISTEN & SUBSCRIBE TO THE SOUTH FLORIDA MORTGAGE REPORT 🔁 YouTube playlist (all episodes): https://www.youtube.com/playlist?list=PLCOa_zSrotiecbiomGKhTzASCBToYQUea 📱 Subscribe & follow on your favorite platform: • Apple Podcasts: https://podcasts.apple.com/us/podcast/south-florida-mortgage-report/id1834181574 • Spotify: https://open.spotify.com/show/5QxG2PzPd3W9pJFqQnLAPS?si=5a667fbd60a44ce9 📌 HELPFUL LINKS 📩 Housing Newsletter: Stay informed with curated mortgage and housing insights delivered straight to your inbox: https://housingnewsletters.com/craiggarcia ✅ Pre-Approvals 24/7: Get started anytime: ⁠ Option 1⁠ https://loancenter.cp-mtg.com/dr/c/rhx8h ⁠Option 2⁠ https://loancenter.cp-mtg.com/dr/c/w2o7v