The Federal Reserve stated on December 5th, 2012 that it plans to raise interest rates if unemployment declines to 6.5% or lower or if inflation reaches 2.2% or higher.
Chicago, IL (PRWEB) April 30, 2013
The Federal Savings Bank reminds readers that the April unemployment figure, which will be posted this Friday, is important due to its possible effect on the housing market,
"The unemployment figures are very important these days for the overall housing market as it correlates to how The Federal Reserve marks interest rates, and how much demand there may be for properties," says Nick, a bank at The Federal Savings Bank. The Federal Reserve stated on December 5th, 2012 that it plans to raise interest rates if unemployment declines to 6.5% or lower or if inflation reaches 2.2% or higher. While the market expects unemployment to remain steady at 7.6% in April (the same as March), a surprise reading up or down could have a positive effect on housing in someway, at least from a buyers perspective. If unemployment declines further housing prices will have a strong chance of rising further and credit standards of banks may decrease further, helping borrowers. If Friday's number increases from 7.6% then interest rates may decline again giving both homeowners and investors and opportunity to lock in a low fixed interest rate.
The Federal Savings Bank pays key attention to economic statistic to help its perspective mortgage applicants better understand the housing market in their area. Regardless of the unemployment figures the bank encourages all its potential clients to get approved for a mortgage since it serves as an immediate property listing filter based on how much credit one receives. To learn more about the housing market or to apply for a mortgage please visit: TheFederalSavingsBank.com