There is one word to describe Raleigh Mortgage Rates last week…that words would be volatility! Why such volatility…well, issues in Europe all the way to this past Friday’s Job’s Report.
With Friday’s Jobs Report from the Bureau of Labor Statistics was a big market mover, showing that 80K jobs were created in October –in addition, 104K private sector jobs were created & the unemployment rate dropped to 9%, from a previous reading of 9.1%. A big positive in the report was once again upward revisions to prior month’s readings, which showed 102K more jobs created in the 2 previous months than what was originally reported.
The takeaway from the report is that it doesn’t appear the economy is slipping into another recession! The labor market continues to create jobs, but at a very slow and uneven pace. Until we see significant job growth–north of 150,000 each month, for a sustained amount of time–we won’t see meaningful improvement in the economy or the unemployment rate. This turn means that Cary Home Loan Rates & Raleigh Mortgage Rates should continue to hover at low levels but expect volatility.
Fed Chairman Ben Bernanke said Wednesday that purchases of Mortgage Bonds are being considered–which is another factor that could benefitRaleigh Mortgage Rates & Cary Home Loan Rates.
The bottom line is that home loan rates are still near historic lows, which makes now a great time to purchase or refinance a home. Let me know if I can answer any questions at all for you or your clients.
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