Unemployment Rises But Non-Farm Payrolls Save The Day

Peoples Home Equity informs readers of the recently reported unemployment/non-farm payroll numbers and what they mean for the mortgage market.

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While the unemployment rate rose 0.1% to 7.3% for October markets focused on the non-farm payroll numbers instead.

Knoxville, TN (PRWEB) November 09, 2013

The housing market is growing and yesterday’s unemployment rate raised the price of a mortgage across the country. While the data was positive on the US economy Peoples Home Equity encourages interest sensitive home buyers to make sure they get approved for a mortgage now.

While the unemployment rate rose 0.1% to 7.3% for October markets focused on the non-farm payroll numbers instead. Non-farm payrolls number surprised economic experts yesterday reporting at 204,000 versus the 125,000 increase analysts were expecting for October. Payrolls have now increased for 37 consecutive months which began to post positive since October 2010, according to a chart from tradingeconomics.com.

The positive news does not stop at the payroll numbers. As long as the unemployment rate continues to stay above the Fed’s target of 6.5% then fears of them tapering the asset repurchase problem should remain subdued. Yes, the economy is improving, yes the housing market is climbing, and yes more Americans are getting jobs. However, even while these positive things are occurring interest rates have been rising to keep up with the growing economy, when unemployment finally reaches the Feds goal of 6.5% then homebuyers should expect a stark rise in mortgage rates. For this reason, Peoples Home Equity strongly encourages all of its prospective first-time homebuyers to get pre-approved for a mortgage. By finishing the loan application process now, homebuyers can save themselves from playing catch up with their filing paper work during a potential month where rates are racing higher.

The home loan application process should be easy so that the homebuyer can continue to focus on what’s fun during the process, which is finding a home. Peoples Home Equity recently redesigned their website to make the application process much easier with their “Home Loan Quick Qualifier.” If one is unsure which mortgage may be right for them, the site offers a “Compare All Loan Options” sub tab of “loan options” help assist uncertain loan applicants.

Visit PeoplesHomeEquity.com today to see all 8 different loan types the lender has to offer. Or contact their loan officer today for a no obligation talk about their mortgage opportunities.