Shelter Six:  Mortgage Rates Hit Lowest Point in 3 Months

The economy added 266K jobs in April, which would normally be considered massive, only that 1M were expected this month.

The shortage was due to mismatches in job openings and available workers, distorted seasonal adjustments, and temporary supply chain disruptions.

The Unemployment Rate increased from 6.0% to 6.1%.

Average Hourly Earnings, an indicator of wage growth, rose .7% from March and .3% from last year, well above the consensus for a flat reading.

According to the National Association of Home Builders, rising lumber prices have added $35,872 to the price of an average new single-family home.

Great news for mortgage rates, Fed Vice Chair Clarida commented that he doesn’t think now is the right time to begin talking about scaling back the Fed’s bond purchase program.

Rate Update

Mortgage rates are now down to the best levels since late February as Mortgage News Daily reports that the Conforming 30-Year Fixed-Rate dropped to 3.02% last week.

This Week

The Consumer Price Index (CPI) will come out on Wednesday and Retail Sales on Friday.

May 10, 2021 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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