U.S. employers added 172,000 jobs in May that — combined with heavy upward revisions to April and March estimates — portrays a job market holding steady despite mounting inflationary pressures.
As an additional sign of job stability, the unemployment rate remained unchanged at 4.3%, matching levels observed in April, March and last May, according to the Bureau of Labor Statistics’ monthly jobs report, published Friday.
While a string of solid jobs reports may support consumer confidence, loan performance and homebuying demand, mortgage industry experts tell Scotsman Guide that growing hiring momentum likely means mortgage borrowing costs will remain elevated for the foreseeable future.
“Mortgage rates are likely to stay elevated longer tha...