Today mortgage rates jumped after the Bureau of Labor Statistics have said that the unemployment rate was fallen to 9.4% in July as compared to 9.5% in June, which has surprised most of the economists who have estimated that the rate would go as high as 9.8% in July.
As a result of better unemployment picture, conforming fixed-rate 30-year mortgages above 5.50% are now being offered by banks, which have risen up from rates of 5.25% earlier this week.
Current mortgage rates have not reached a much higher level than the low mortgage rates that were set last month around 5.00%. There is another way by which you can buy mortgage rates down by paying points, the more points (discount points) you pay the lower the mortgage rate will be.
Probably the mortgage rates will still stay low for a while since inflation is not a threat with the high unemployment rate. The government still realizes that the housing market is still ot stabilized completely. As for the unemployment numbers the U.S. non-farm payroll in July dropped another 247,000 jobs , but this is lower than the average loss of 331,000 jobs in the past three months.
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