Weak May Jobs Growth Keeps Mortgage Rates Insanely Low

May 2018 Jobs Report. In May, a net of 223,000 additional jobs were created marking the 92 nd consecutive month of job growth. Since October 2010, more than 18 million jobs have been added to the.

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Weak May Job Creation Should Keep Rates Low for Now. with consumer confidence and job growth drives household formation.. weak job report likely mean that mortgage rates will remain about.

The Fed’s recent decision to not increase interest rates has held mortgage rates at extremely low levels. But strong job growth could convince the Fed that the interest rate should be increased. If this is the case, mortgage rates are all but ensured to increase after the Fed’s meeting in September.

Mortgage rates climb for Wednesday – At the current average rate, you’ll pay $487.27 per month in principal and interest for every $100,000 you borrow. That’s an increase of $4.07 over what you would have paid last week. You can use. HSH’s Fixed-Rate Mortgage Indicator (FRMI) averages 30-year mortgages of all sizes, including conforming, expanded conforming, and jumbo.

Despite the very weak February, job growth has averaged 186,000 over the past three months, well above the pace needed to keep up with underlying growth in the labor force (see Chart 1). The unemployment rate fell to 3.8 percent in February from 4.0 percent in January as government workers who had been

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Job Growth Surged In June.. well over the expected 170,000 jobs added. Also, May’s actual jobs growth has now been revised from 138,000 jobs added to 152,000.. Mortgage rates change every day, and the jobs report is a factor that leads to changing mortgage rates.

The first Friday of every month, the government estimates how many jobs were created or eliminated the previous month. May was pretty bad, but paradoxically, bad jobs growth will help keep rates in the high 3s, at least for the short term. That’s not a typo, as the Freddie Mac rate chart above shows. 30-year fixed rates are insanely low at 3.82%.

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Thus, weakness in the housing market is helping to keep mortgage rates in check. link The article Weak Housing Market Keeps Mortgage Rate Rises in Check originally appeared on Fool.com.

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