Mortgage Market News

The Bureau of Labor Statistics reported on Thursday that U.S. employers added 223,000 new workers in June, just below the 230,000 expected as the job markets continues to steadily improve. Hiring’s were widespread in June, with the exception of the energy sector, due to the decline in oil prices. Within the report it also showed that the Unemployment Rate fell to 5.3%, the lowest level since May 2008. However, the April and May numbers were reduced by 60,000, signaling that although the sector is improving, it is still not robust nearly seven years into a recovery.
Mortgage rates hit 2015 highs this week headed into the holiday weekend, though just slightly higher than the previous week. Freddie Mac reported that the 30-year conforming mortgage rate ($417,000 or less) hit 4.08% this week with 0.6 in points and fees. The 4.08% is up from 4.02% last, though down from 4.12% last year this time. Looking at mortgage rates from a historical perspective, rates are near the all-time lows of the mid 3% mark, well below the near 17% seen back in 1981.
On the lighter side, with the 4th of July upon us, some fun facts to offer at your holiday barbecue this weekend. It is said that the real day of independence is July 2, for that's when Congress accepted Jefferson's declaration. Thomas Jefferson drafted the Declaration of Independence on a "laptop", which was a writing desk that could fit on ones lap. Only two men signed the Declaration of Independence on July 4th 1776 - John Hancock and Charles Thompson. Congress declared July 4th as an official holiday in 1870 as part of a bill to officially recognize other holidays, Christmas being one of them. And last, July 4th is the "biggest hot dog holiday of the year," according to TIME magazine, with Americans reportedly consuming about 155 million of them on Independence Day alone.
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