The unemployment rate for November is in from the Bureau of Labor Statistics. It’s unchanged at 5.8 percent from October. The economy is reported as having added 321,000 jobs – considerably more than the 214,000 in October or the monthly average gain of 224,000 per month over the past 12 months.
National Association of REALTORS predicts increases in employment opportunities in 2015 will spur aspiring homeowners to return to the market and this should help the continuing housing recovery. With access to credit improving, NAR also predicts there will be substantially larger numbers of young buyers in the market.
NAR is aligning with the national expectations that mortgage interest rates will climb to approximately 5 percent by mid-year. With inventory of homes increasing each month, it makes sense if you’re thinking about buying, you should get started to take advantage of rates that should be a thing of the past in the new year.