Mortgage Rates Drop Further on Weaker than Expected Jobs Report
Quicken Loans Chief Economist comments on employment report and mortgage rate drop.
Livonia, MI (PRWEB via PR Web
Direct) June 3, 2005 -- This morning the U.S. Department of Labor released
their Employment Situation report for the month of May 2005. This report
measures the number of unemployed as a percentage of the labor force and is a
primary monthly indicator of economic activity.
"This morning's
employment report showed that only 78,000 new jobs were created in May, despite
forecasts that called for 175,000 new jobs. The report shows potential
deceleration of job growth and economic weakness. Bond market bulls are cheering
because they are translating this data into lower inflationary expectations,"
said Bob Walters, Chief Economist for Quicken Loans (http://www.QuickenLoans.com), the nation's largest online
lender per rankings compiled by National Mortgage News.
"As a result of
this report, the 10 year Treasury yield has dropped to 3.83%, a level not seen
since 2004: it's again approaching 40 year lows. In turn, mortgage rates
continue this year's unanticipated drop presenting consumers with tremendous
options whether they're thinking about buying a home or refinancing to a lower
rate."
For more information and to access mortgage related articles and
calculators, visit http://www.QuickenLoans.com.
Editor's Note: Bob
Walters, Chief Economist at Quicken Loans, is available for
comment.
Contact:
Todd Krieger
Quicken
Loans
734-805-4895
e-mail protected from spam bots
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Source : http://www.prweb.com/releases/2005/6/prweb247676.htm