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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!
JoJo Giordano, REALTOR
If you, or someone you know is interested in buying or selling property, please call right away!
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