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Mortgage Raleigh NC Rates Update

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Mortgage Raleigh NC- still Work To Be Done

As the euphoria wears off in the aftermath of our stellar June employment release, we realize that there is still work to be done in order to fully recover from the financial crisis and deep recession. The recovery has been going on for five long-years, but it is still not fully mature. For example, while we have recovered all jobs lost during the recession, we have not added enough jobs to accommodate the population growth that has occurred during and since the recession. Even at today’s increased pace of job growth, this void will not be filled for two years or longer. Mortgage Raleigh NC, how will this affect mortgage rates in Raleigh?

While the unemployment rate has dropped to 6.1% — which was the lowest in almost six years, the “underemployment” rate still stands at 12.1%. The underemployment rate includes those who are working part-time because they can’t find full time jobs. The labor participation rate stands at 62.8% which is a 36-year low. It is true that the baby boomer generation is reaching retirement age and this contributes to the labor participation statistic. Mortgage companies in Raleigh NC evaluate the best fitting programs for this age group. On the other hand, it is not merely how many jobs are created — it is also what type of jobs are created. America needs more high paying full-time jobs.

So before we celebrate the end of bad times, we must understand that there is truly more work to accomplish. The fact that we have more room to grow is actually good news for right now because this gives the Federal Reserve Board latitude to keep interest rates lower for a longer period of time and not worry about the economy overheating. The markets will cause rates to rise as we witness the start of the cycle of better times. If this surge in job hiring spreads to the real estate markets, we will start making up ground in a hurry instead of the snail’s pace of the past five years. If that happens, expect the Fed to act much more quickly.

The Mortgage Markets in Raleigh NC and mortgage rates in Raleigh NC

•Mortgage Rates in Raleigh were up slightly in the past week, showing little change despite the strong employment data.
•Freddie Mac announced that for the week ending July 10, 30-year fixed rates increased slightly to 4.15% from 4.12% the week before.
•The average mortgage rate in Raleigh for 15-year loans rose to 3.24%.
•Adjustable rates in Raleigh were also stable in the past week with the average for one-year adjustable rates rising slightly to 2.40% and five-year adjustable rates increasing marginally to 2.99%.
•A year ago 30-year fixed mortgage rates in Raleigh were at 4.51%.
•Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac –“Rates on home loans increased for the week as the labor market appears to be improving. Based on the employment report released last week, the U.S. economy added 288,000 jobs in June, gained 224,000 in May and increased by 304,000 in April. Also, the unemployment rate in June fell to 6.1 percent from 6.3 percent in May.”

Mortgage rates in Raleigh indicated do not include fees and points and are provided for evidence of trends only. the quoted mortgage Raleigh NC They should not be used for comparison purposes.

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Edyta Rhodes has written 25 articles on Service 1st Mortgage

I am an experienced mortgage broker, Raleigh-based with access to top national lenders. I have over 10 years experience, so I know how to design your mortage loan to fit your overall financial picture. I guarantee to find the best mortgage rate for you. You can find out more about me on Google+ Or you can email me at erhodes@nc.rr.com

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