RATES, everybody is talking about them right now. Over the past year there has been plenty of action affecting rates. Though, in the end, they have remained in a relatively constant position with minimal movement up, or down. During the last year there's been a lot of buzz regarding the FED and whether they were going to raise their rates, or not. They(the FED) have been keeping a close eye on the economy to help make that decision. Currently, they are not seeing enough to cause them to make a move. One of the things they are watching is the Labor Force Participation Rate, which is the percentage of the population who have jobs. This includes all people older than 15, who are non-military, and reporting an income. Keep in mind the unemployment rate only accounts for the people who are LOOKING for jobs and can't find them. However, it doesn't include those who are NOT looking. Current numbers show that only 62.4% of Americans over 15 are working, which is the lowest it's been since 1977. This indicates to the FED that the economy is not strong enough to employ a large part of the population. This affects consumer spending, which is a major driver of the economy. If there isn't enough spending driving the economy faster, then growth will remain slow and steady. Slow growth=low inflation, which means the FED will NOT be raising their rates any time soon. Upward pressure on rates is not expected until Spring of 2016, which is great for buyers currently in the market! However, if you plan on waiting to buy, you may want to rethink that because it's likely to cost you a lot of money. Rates may not be moving up right now BUT home prices are. Get moving now and save yourself money on both fronts; rising home values and rate increases in the near future.
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Author:Monica Johnson Phone: 469-233-2269 Dated: October 15th 2015 Views: 271 About Monica: Monica has an Associate's Degree in Business and was a Paralegal in the legal industry from 1992 to ...
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