Lending Market Snapshot: Welcome everyone to a new month and an interesting time for mortgages! The April Jobs Report showed a rebound in hiring after the “lower than hoped for” number in March, while the Unemployment Rate fell to a 10-year low. Mortgage rates are essentially unchanged after the news and remain just above historic lows. Average hourly earnings rose 2.5% year-over-year as of April, compared to the recent high of 2.9% in December. From March to April, wages rose 0.3%, in line with estimates. Wage growth usually runs in the 3% – 4% range at this point in an economic recovery, we are not there. And this lack of wage pressure is a major reason why inflation remains low. The Labor Force Participation Rate edged lower to 62.9%, still at decade lows. Overall, the report was positive and left virtually all markets – Mortgage Bonds, Stocks, Oil and the U.S. dollar near unchanged.
Ryan Schmidt is a state and nationally licensed mortgage loan officer that has worked with many of our clients throughout the years and has helped hundreds of buyers reach their homeownership goals.
While you can choose to work with any lender you like, we highly recommend Ryan based on the following:
- Incredibly Responsive – Ryan realizes that your time is valuable, so he is available 24 hours a day, 7 days a week
- Lending Knowledge and Expertise – he takes each and every day as a new opportunity to learn the market, review the latest guidelines, and find new ways to improve your options
- Reliable Support Team – working as a boutique style lender, with numerous sources of funds (including portfolio products), all operations are completed in house, in one office with the same 10 team members every time to guarantee dependable results
- Transparency – As a six year military veteran – Staff Sergeant of the Virginia Air National Guard, as well as a graduate of the Virginia Military Institute – there will always be transparency when working with Ryan. His motto is “no false hope, empty promises, my word is my bond. No excuses, just getting the job done as advertised.”
He and his team pledge to work diligently in your behalf and would consider it an honor to gain the opportunity to earn your business.