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Rate Update

Weak economic data points toward a slow recovery and keeps mortgage rates at all-time low levels. Friday’s employment report reflecting a slowly improving job market. Private employers added 83,000 workers in June, but overall payrolls declined by 125,000 last month as the government cut 225,000 temporary workers conducting the 2010 census. The Unemployment Rate dropped to 9.5% from 9.7%, but this was due to over 650,000 workers exiting the labor force. There was mixed news in the housing sector. May Pending Home Sales declined 30% from April, a leading indicator that  future home sales numbers will continue to disappoint. The S&P/Case-Shiller 20-City Home Price Index climbed 3.8% from April 2009, the biggest year-over-year gain since September 2006. Consumer Confidence sank in June as Americans became distressed over the outlook for jobs and incomes. Currently, the 30-Year Fixed is 4.250% (4.398% APR) and the 15-Year Fixed is 3.750% (4.012% APR).

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