Largest Unemployment Rate in 33 Years Skews Mortgage Rates
June 9th, 2008 Categories: Mortgage Update, Real Estate News
This weeks mortgage news:
- Long term mortgage rates experienced some minor upward pressure last week while short term rates dipped a bit.
- Unemployment rose to 5.5% - a jump of 0.5%. Mitigating factors include an unprecedented number of entry level workers, teens and college graduates all hitting the market at the same time.
- On a positive note, the economy was projected to lose 70,000 jobs but the actual number was 49,000.
- 30 year conforming rates have increased to 6.375% with 0 points - the highest we have seen in 4 months.
- The House of Representatives is proposing a $7500 credit for first time home buyers or those who have not owned a home in three years - but the credit must be paid back over a 15 year period.
- The Senate is proposing a credit of $7000 but it would apply only to foreclosed homes or homes that meet a very strict criteria.
As always, thanks to Rob Clark for sharing his up to the minute expertise.
Michael
What a great theme and site you have! Welcome fellow Tomato Blogger! I have heard of the proposed credit proposal, but thanks for the scoop.
Christina,
Many thanks for the kind comments. The credit proposal will be interesting if it goes through but the latest in the news this morning has one Senator holding things up.
Stay tuned.
Michael