The Mortgage industry has seen some minor changes after the July job openings declined to a pre-pandemic level. Significant mortgage rates still remain elevated, but have experienced a mild decrease. The current effects of the pandemic have created a strain on the job market, which has subsequently generated the high mortgage rates.
The Central Bank maintained interest rates are still at record lows, which has helped keep mortgage rates relatively low, despite the ongoing effects of the pandemic in the job market and general economy. As job numbers continue to be relatively flat, the future of mortgage rates remain uncertain as to whether they will continue to stay at their current high levels or if they will start to decline in the near future.
The most essential details of this article are:
• Job openings dropped to pre-pandemic levels in July
• Mortgage rates remain at a level higher than before the pandemic
• Interest rates set by the Central Bank have stayed at record lows
• Job numbers have remained mostly unchanged
• The future of mortgage rates is uncertain
You can read this full article at: https://www.housingwire.com/articles/mortgage-rates-drop-but-still-at-22-year-high/(subscription required)
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