Consumer News: Mortgage rates see largest decline since 2008, June sees boost in hiring in the U.S. and more!
Consumer News with ABC Columbia is brought to you by Grow Financial.
CNN– Mortgage rates dropped for the second week in a row, with the largest decline since 2008. According to federal mortgage company Freddie Mac, the 30-year fixed-rate mortgage is now 5.3%, down from 5.7%. It’s still significantly higher than it was this time last year when it was just at 2.9%. Experts say fears of a potential recession caused the recent drop. Mortgage rates, however, are still at their highest since the late 2000s, and listing prices have grown by more than 8.5% year-over-year for 24 months in a row.
CNN– Some good news on the economy, we saw a healthy boost in hiring last month of 375,000 jobs. That’s more than 100,000 over what economists expected. It’s a good sign the labor market is still moving towards a post-pandemic comeback, even as recession worries remain. Unemployment held steady at 3.6%, still close to the 52-year low we hit in the months before the pandemic.
ABC NEWS– As prices continue to climb, retailers are going all-in to compete for your dollars. Between Macys and Target, Amazon is swooping in and brining back its annual “Prime Days” specials. ABC’s Becky Worley has the details.