Sutherland House Bed & Breakfast
Nonfarm payrolls rose by only $138,000 in May which was considerably under expectations. April and March were downwardly revised by a net 66,000 as well. The unemployment rate fell from 4.4% to 4.3%, but only because people dropped out of the labor force, reaching a 16-year low. The June FOMC meeting should be interesting after this news, but we are still expecting for the Fed to hike rates. With this weak news, the 10 year treasury is now trading at 2.16, making mortgage rates attractive. If we close at these levels, these lower rates may stick around for a short while.