SD Capital Funding’s back with this week’s market update!
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Much of the economic data this week has been focused on the consumer. It is clear that the consumer drives the economy and the economy seems to be advancing. U.S. unemployment fell to the lowest level in 17 years as the economy added 164,000 jobs in April, pushing the jobless rate down to 3.9% This is the lowest since December of 2000.
As reported by the Home News Tribune, low housing inventory coupled with high demand has sparked bidding wars for houses in the entry- to middle-level home sectors
Half of the nation’s 50 largest markets are now considered overvalued, meaning home prices are at least 10 percent higher than the long-term, sustainable level.
The yield on the 10-year note which is loosely tied to mortgage rates, climbed above 3% correlating to a 4.56% 30-year fixed interest rate.
That concludes our market update, we’ll be back in two weeks!