JOBS REPORT, WAGE GROWTH, and MORTGAGE RATES

Rates are DOWN?to end the week.? Check em' out and then read our 30 second commentary below. Rates are averages / examples for network use only: Pricing as of 7/5/2024 at 5:05 pm

JOBS REPORT, WAGE GROWTH, and MORTGAGE RATES ?

This Week's Mortgage Rates: Good news for potential homebuyers! Mortgage rates edged down slightly this week thanks to economic data released yesterday. The 10-year Treasury yield fell from 4.48% at the beginning of the week to 4.277% by Friday.

Jobs Market Update: The U.S. economy added 206,000 jobs in June, exceeding analyst expectations (200,000) but lower than the revised May numbers (218,000). However, the unemployment rate surprisingly climbed to 4.1%, the highest since October 2021.

What Does This Mean for the Fed?: Economists see this report as a sign of a "soft landing" for the economy, potentially leading to a Federal Reserve rate cut sooner rather than later. September is currently considered the most likely timeframe for a cut.

Labor Force Participation on the Rise: The labor force participation rate, which measures the working-age population actively employed or seeking work, increased to 62.6%. The prime age participation rate (ages 25-54) reached its highest level in over 22 years at 83.7%.

Wage Growth Steady: Average hourly earnings grew 0.3% for the month and 3.9% year-over-year, in line with expectations. The average workweek remained steady at 34.3 hours.

Stay tuned! We'll continue to monitor economic data and its impact on mortgage rates in the coming weeks.

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