Mortgage Rates Drop On Release Of Negative Jobs Report

Dated: 06/23/2016

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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:

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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!

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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 ....

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