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March 6, 2010
SOS: Summary on Saturday
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4.750%
30-YEAR
FIXED
CONFORMING
(4.843% APR)
3.50%
5/1 ARM
CONFORMING
(3.667% APR)
Contact info
Susan Costello
Mortgage Consultant
Office: 530-273-8658
Cell: 530-559-2506
Home: 530-272-9177
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POSITIVE ECONOMIC NEWS
A smaller than expected decrease in the U.S. jobs report numbers released yesterday added to evidence that an economic recovery is underway. February's unemployment rate held at 9.7%, showing a loss of 36,000 jobs last month. Economists had predicted numbers in the 68,000 range which would have put unemployment at 9.8%.
If you've been following my weekly SOS summaries you know that I also closely watch figures for temporary workers in the U.S. jobs report, as the number of temporary workers hired is a strong economic indicator. Those numbers have been steadily increasing for 5 months consecutively now. Payrolls at temporary agencies typically turn up before total employment because companies prefer to see a long-term steady increase before committing to permanent staff.
While long-term this good news, and the recent uptick in gasoline prices, will force mortgage rates to rise, there is no indication that we're going to see runaway inflation so I don't expect any huge increases in the near future. And quite frankly, even if we do see a rise in rates, if Americans are feeling more confident about the economy and their personal income, they're more inclined to return to the housing market, even with higher mortgage rates.
Right now rates remain enticingly low. Coupled with low house prices, this is probably still the best time in our lifetimes to be jumping into the California housing market.
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Call Susan 24/7 for PRE-APPROVALS and the best service in the business.
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Contact Info |
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| Home Sweet Home Loans |
Susan Costello |
530-273-8658 |
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