Economists had forecast that 178,000 new jobs would enter the American economy in January. However, the newest information indicates that only 113,000 jobs were created. This news is seen as disappointing on many fronts, although most prognosticators view the long-term trend for the American economy as one of growth that is steady, while slow. The consensus seems to be that while 2014 may not turn out to be a banner year as far as results, it will not rank among such disaster years as 2008.The unemployment rate sits at 6.6 percent, which is its lowest level since 2008 and much lower than its 2009 peak of 10 percent; currently, 10 million Americans are unemployed. However, this drop in the unemployment rate is not as sanguine as it sounds. In January 2014, only 63 percent of Americans age sixteen or higher were participating in the job market (meaning that they either were looking for a job or had one). This is a slight boost, but this level is still about as low as it has been since 1978.Some of this has to do with the retirement of baby boomers, but there are also many among the long-term unemployed who appear to have quit on the job market entirely. This is why Jason Furman, one of the members of President Obama's economic advisory team, considers the rate of unemployment to be too high. Approximately 3.6 million Americans have not had a job for at least six months. Extended welfare benefits ended in December.What does this mean with regard to Wisconsin mortgage rates? This past week rates dropped to an average of 4.34 percent for the 30-year fixed mortgage, after rates had started to climb in the last few months of 2013. The Federal Reserve has slowed its purchases of mortgage-backed securities, and the rock-bottom interest rates that the Fed has left in place to boost the economy will not stay where they are forever.As we move into the second week of February, this jobs report is likely to leave rates where they are, but any other positive economic news could bump rates back upward. Just a 0.25 percent change in the interest rate you pay on your mortgage can yield significant results over time. You might not think that $40 or $50 a month on your mortgage payment is that big a deal, but remember that a 30-year mortgage has 360 payments. What could you do with $18,000 (360 x $50)? Would you rather pay it to your lender or do something else with it?That's why the time is ripe now to take a look at the possibility of buying a home, if your credit is ready and you have a down payment on hand. If you are currently in the middle of a mortgage with a higher interest rate, it may be worth visiting with a mortgage broker to see if you can save some money by refinancing your loan. If you have the right level of equity and the drop in interest is high enough, the savings can be significant. These low rates are not likely to last long in 2014, even if jobs continue to develop more slowly than economists would like.