Mortgage Rates Drop On Release Of Negative Jobs Report

Dated: 06/23/2016

Views: 344

Sean Becketti, chief economist at Freddie Mac released the following statement this past week upon reviewing the Primary Mortgage Market Survey┬«(PMMS┬«) findings regarding May's employment report. "Growing optimism about the state of the economy was quickly erased with May's employment report. The disappointing release caused an immediate flight to quality resulting in the 10-year Treasury yield dropping 10 basis points on Friday. The 30-year fixed-rate mortgage responded by falling 6 basis points to 3.60 percent. This week marks the 10th consecutive week the 30-year rate has averaged under 3.7 percent, allowing an extended window for home buyers to take advantage of these historically-low borrowing costs."

The graphic below explains the U.S Weekly Average mortgage rate according to the Primary Mortgage Market Survey:

Image title

What does this mean for you as a buyer? What does this mean for you as a seller, hoping to attract a buyer for your home? Contact us at The Shields Team of Keller Williams Realty and allow us to walk you through the best course of action in either scenario, and explain what rates translate in real speak. Our office number is (423) 433-6517, or stop by for your one-on-one consultation at Keller Williams Realty, 1033 Hamilton Place in Johnson City. We're ready to help!

Popular Home Searches in the Tri-Cities:

Homes for Sale in Johnson City TN

Homes for Sale in Kingsport TN

Homes for Sale in Gray TN

Homes for Sale in Jonesborough TN

Blog author image

Wes Shields

Wes Shields, Team Owner and Listing Agent for The Shields Team at Keller Williams Realty of Johnson City Tennessee, has a long and very impressive list of accomplishments in his 10+ years in the real ....

Want to Advertise on this Site?

Latest Blog Posts

Is That Really A Bedroom

It seems kind of silly to have to ask the question, "is that a bedroom?" when you see what obviously looks like one. Our friend, you might just be surprised that what you see might NOT be a bedroom

Read More

Avoiding The ICK

Maybe you've seen The Property Brothers on HGTV. Actually, we should say we know you've seen. Drew and Jonathan Scott have one the hearts of millions of viewers in the HGTV television series, The

Read More

What Happen To Your Credit Score When You Buy A Home

You've become obsessed with your credit score, guarding it carefully, and keeping a close eye on it to have everything in order when you apply for a home loan. That score will will not only affect

Read More

Reasons To Buy A Home At The Holidays

It seems home buying is the last thing on our minds at this time of year, and especially this year, being an election year, and of course we're officially full speed into Thanksgiving and Christmas

Read More