NAR Chief Economist Lawrence Yun issued the following statement on today’s jobs report data:<\/p>\n
\u201cMortgage rates are plunging on the news of weak job growth and rising unemployment. The 4.3% unemployment rate is the highest since coming out of the COVID lockdown and higher than the 3.5% unemployment rate right before the COVID-19 arrival. The hourly wage gain of 3.2% is the weakest in three years. The Fed was late moving away from the restrictive monetary policy stance when early signs of a softening economy were visible. Soft manufacturing survey data, falls in construction activity, and damaging financing costs for small businesses clearly hint at a cooling economy and further cooling in inflation. The Fed may make a deeper cut of 50 basis points in September. The 30-year fixed mortgage rate looks to fall to 6.5% or even lower in the upcoming weeks. That is what the 10-year bond yield suggests, which plunged to 3.8% this morning, compared to 4.8% a few months ago. The 100-basis-point change in mortgage rates generally means around a $300 lower payment on a typical mortgage. Homebuyers who were priced out a few months ago should re-check whether they can enter the homebuying market if they have secure jobs.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" NAR Chief Economist Lawrence Yun issued the following statement on today’s jobs report data: \u201cMortgage rates are plunging on the news of weak job growth and rising unemployment. The 4.3% unemployment rate is the highest since coming out of the COVID lockdown and higher than the 3.5% unemployment rate right before the COVID-19 arrival. The […]<\/p>\n","protected":false},"author":45,"featured_media":6449,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-6448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/comments?post=6448"}],"version-history":[{"count":1,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6448\/revisions"}],"predecessor-version":[{"id":6450,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6448\/revisions\/6450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media\/6449"}],"wp:attachment":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media?parent=6448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/categories?post=6448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/tags?post=6448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}