Chicago, IL (PRWEB) February 08, 2014
Peoples Home Equity was happy to see the U.S. Bureau of Labor Statistics January unemployment report post a decline of 0.1% today. The unemployment rate is now just another 0.1% away from persuading the Federal Reserve to raise the federal funds rate.
As shown on TradingEconomics.com, the U.S. unemployment rate dropped from 6.7% in December 2013 to 6.6% in February. This decline marks the third consecutive time since November 2013. This trend has actually been very strong for the past 8 months as 6 announcements from the U.S. Bureau of Labor Statistics have shown declines.
Reading between the lines of the unemployment report and we learn that adult are doing much better than teenagers. For adult men the rate stands at 6.2%, for women it is 5.9%, and for teenagers the rate stands at a whopping 20.7%. As for non-farm payrolls, employment increased 113,000 which is less than the growth average of 194,000 a month in 2013.
Peoples Home Equity expects the unemployment rate to continue its decline as long as initial jobless claims post low figures at or below 335,000. The lender warns however that with a continued decline in unemployment brings a risk of higher interest rates in America. The Federal Reserve mentioned in December 2012 that it would consider raising interest rates when unemployment reaches 6.5% or lower. Given that the U.S. economy is stronger now than in December 2012, and that the Federal Reserve has already begun tapering the chance of interest rates rising is higher than ever before.
Peoples Home Equity encourages all individuals who are watching mortgage rates to take advantage of the opportunity the market is presenting now. Rates have declined 0.28% from a month ago while the Federal Reserve is on the verge of increasing rates. In the lender’s view, there is no better time than now to apply for a home loan before it becomes less affordable!
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300