LIME REALTY GROUP is keeping a close eye on the Fed right now. As many of you know, the government released unemployment rates in for October and it’s now the lowest level of unemployment that it’s been since 2008.
Granted, there are many ways to view these figures. It’s always important to keep in mind the rate released counts people who are currently on unemployment. It doesn’t distinguish the difference between those who find jobs and fall off the list, those who quit looking for work and fall off the list and those who exhaust their benefit and fall off the list. However, it is a number people in the economic industry use to forecast financial stability and growth. Therefore, it’s a figure you have to pay attention to. And the Fed is doing just that.
Currently, the mortgage rate is standing at 4.17% After spending almost the entire year hoovering around 4%, it’s now making a strong movement upward. This was expected and it’s being fueled by a number of things. One of which is the average hourly earnings figure. This one actually went up 0.4% last month. Economists and government regulators view this as a strong indication growth is happening. Combined with the easing of the unemployment figure and you can believe the Fed will officially start raising the interest rate soon.
At this point, it’s just a matter of time.
What does this mean for you? Well, it means a few things. For home owners and sellers, it means your properties will be worth more money. For buyers, it means your dollar will buy less house than it would a year ago.
If you’re ready or thinking about buying, now would be the time to start moving. The longer you wait, the more this decision is going to cost you. If you’ve listened to our advice and you’ve been working to get your ducks in a row, it’s time to set them free and make something happen. If you haven’t, why not contact us today and let the Lime team help you create a plan for future home ownership. We’re here to help you make your dreams come true.
Keep checking us out online, on youtube and on local Southern Utah radio. We’re here to make your dream home come true. We believe in the dream and we believe in you. Take a chance on us. Call today!