Employment, Russia, and Mortgage Rates
On Friday, The US Department of Labor released employment data, showing that the unemployment rate fell from 6.7% to 6.3% for April, which is great news for the economy - see the chart below. Many people are celebrating the fact that employment figues are approaching pre-recession numbers.
After the release of the employment data, mortgage rates also fell back down to around 4.25% for 30-year fixed rates. But wait - was it really due to the unemployment data? Also around the same time, there was a request from Russia for an emergency UN meeting as a result of escalating issues in Ukraine, and we all know that geopolitical concerns between nations have quite a large effect on the economy.
Whether rates dropped because of the employment data or other factors, they are still extremely low, and it remains a great time to lock in a mortgage loan or get started looking for property. Please call right away if you or anyone you know is interested in buying or selling!
Noah Grassi, Realtor, ABR, e-Pro, CID
If you, or someone you know is interested in buying or selling property, please call right away!
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