Jobs Report Exceeds Expectations
The jobs report released on December 7, 2012 exceeded economists’ expectations. The Department of Labor reports that the unemployment rate fell to 7.7 percent, the lowest rate since 2008. The economy generated 146,000 new jobs in November.
How Does This Affect Borrowers?
Bankrate.com reports that the recent jobs report could mean slightly higher interest rates. Why? When investors feel the economy is doing well, they pull money out of safer investments and choose riskier investments. While this is fantastic for the economy and workers – it may spur the Federal Reserve to cease holding rates down allowing the economy to walk on its own.
When Will Mortgage Rates Rise?
Not anytime soon, claim economists. Economists don’t expect the unemployment rate to drop much below the reported 7.7 percent anytime soon – which will encourage the Federal Reserve to continue to hold down rates to help the economy. In fact, there is specualtion that the low unemployment rate is a product of workers dropping out of the labor force – largely due to Superstorm Sandy. Unemployment numbers may be revised once more data is available from regions affected by Sandy.
Time to Purchase a Home
Many people are looking to purchase homes this holiday season – locking in at record low mortgage rates before they begin their inevitable rise. While Inlanta Mortgage continues to offer competitive mortgage programs, we also provide the level of customer service you expect during such a major purchase. Inlanta Mortgage loan officers continue to succeed in this challenging economy because current customers tell their friends, neighbors, and colleagues about the great service they receive. Contact an Inlanta Mortgage licensed loan officer today, to begin your mortgage experience today.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.