Home Loan Rates Fall After Monthly Jobs Report Disappoints

Home Loan Rates Fall After Monthly Jobs Report Disappoints

Today's monthly job report hit the wires bright and early showing a gain of 431,000 new jobs for the month of May but it wasn't quite what Wall Street wanted to see. While this number represents the largest gain in jobs since March of 2000, the recent government census hiring accounted for a whopping 411,000 of the 431,000 leaving only 20,000 jobs created by private entities which was well below expectations. Just yesterday, Wells Fargo, JP Morgan and RBS were looking for a private entity gain in jobs anywhere from 511K-625K! Diving a little deeper into the report shows Construction jobs fell by another 35K, Manufacturing increased 29K and private services rose by 37K.

Overall, the report does nothing to instill confidence in economic growth for those calling the shots. Matter of fact, if you tune into the news today you're likely to find a new group of traders and investors fanning the media fires predicting a double dip recession. While it's too early to jump on that media bandwagon, next month's jobs report will be extremely important for all of us to tune into. The silver lining with today's report is that mortgage rates are falling as we speak and have now set up some technical patterns to hold or even fall more Monday and well into the 3rd quarter of the year.

You can count on us to keep you posted with the latest industry updates including the direction of rates. In the meantime, if you are entering the real estate market as a buyer or considering selling your home, we can be reached my phone, text or email.

Your Trusted Real Estate Professionals,

Michael and Julissa McDermott

Solutions Real Estate

9375 East Shea Boulevard Ste. 251

Scottsdale, AZ 85260

Web: www.WeKnowTheValley.com

Email: MyArizonaRealtors@gmail.com

Direct: 602-694-5279 or 623-521-3679

Fax: 623-214-4910

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