August Unemployment and Mortgage Rates Reported
What happened
The Bureau of Labor Statistics reported that the unemployment rate in Illinois was 4.7 percent in August, which was a decrease of 0.2 percentage point from July. Total nonfarm payrolls decreased over the month to 6,175,600. Separately, the average fixed 30-year mortgage rate rose 6.95 percent in the week ending September 17.
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Why it matters
These figures provide insight into the labor market and housing finance conditions in the region, which are monitored by the Federal Reserve Bank of St. Louis. The rise in mortgage rates indicates changing costs for housing finance.
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Who's involved
- Bureau of Labor StatisticsUS government agency that provided the official labor statistics.
- Federal Reserve Bank of St. LouisFederal Reserve Bank responsible for reporting on regional economic indicators.
- Rocket MortgageMortgage lending company affected by changes in interest rates.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Rocket MortgageSpeculative
Rocket Mortgage might see changes in lending demand and profitability due to the sharp rise in fixed mortgage rates.
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The entities involved
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Danville
borough in southern Montour County, Pennsylvania, United States
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Gabby Barrett
American country singer
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Federal Reserve Bank of St. Louis
Federal Reserve Bank responsible for the eighth district, headquartered in St. Louis, United States