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What’s News for Mortgage Rates This Week: June 6th

Apple WWDC 2011 Image by James BarathDid you hear about Jobs? Just so you know, we’re not referring to Steve Jobs and Apple’s Worldwide Developers Conference that kicks off today. We’re talking about the lack of jobs.

Economists and analysts were expecting the creation of up to 185,000 non-farm jobs in May. Unfortunately, the US economy was only able to create 54,000 new jobs as reported on Friday. This is well short of the minimum of 150,000 new jobs needed monthly to maintain pace with population growth.

Although many of the key economic reports released in May were less than expected, there was hope that employment in the private sector was improving. Not only was the number of jobs created lackluster, the fact that the unemployment rate actually increased was shocking.

It seems as if everyone is scratching their head wondering whether the US economy has hit another speed bump or has been completely derailed. This week much of the focus will be on the details of the Federal Reserve’s Beige Book. Specifically, has the sentiment of the Federal Reserve changed.

Other things to keep an eye out this week will be gasoline prices; continuance of severe weather throughout the Midwest; escalating conflict in the Middle East; and the political gridlock on Capitol Hill over the budget. All of these events individually could swing the pendulum against home buyers who have yet to lock in their home loan rate. If you don’t like to gamble, you might want to lock your home loan rate as soon as you can.

The economic calendar this week has the following key economic and financial reports:

Key Economic Reports for Week of June 6th by James Barath

This is What’s News for Mortgage Rates This Week: June 6th.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

If you or someone you know is thinking about buying a home, the combination of low home loan rates and affordable home prices make this an ideal time to buy a home. Want to know if you can afford a new home? Call or text me at 512-522-7284 to discuss your personal situation and your home loan options!

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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