Rates for 30-year conforming mortgages averaged 4.15% during the week ending August 18th, the lowest level in the history of Freddie Mac’s survey.

30-Year Mortgage Rates at Record Lows
• Rates for 30-year conforming mortgages averaged 4.15% during the week ending August 18th, the lowest level in the history of Freddie Mac’s survey.
• The recent intensification of the global debt crisis and stock market decline has led many investors to purchase U.S. Treasuries, bringing their rates down. Since long-term Treasuries are the basis for mortgage rates, this has led to a sharp decline in the 30-year rate over the past month.
• A year ago, 30-year conforming rates averaged 4.42%.


City Employment Rises by 61,000
• Employment in New York City rose by 61,000 from July 2010 to July 2011, a 1.6% increase.
• Gains were led by education and health services (+31,600) and professional and business services (+23,000).
• Total private-sector employment rose 2.0% over the past year, compared to a 1.7% increase in the U.S.
• Job losses were led by the federal government (-11,000), although the city government did add workers (+12,700).


Unemployment Rate Holds at 8.7% in NYC
• New York City’s July unemployment rate of 8.7% was unchanged from June.
• This was the fifth straight month the local rate was lower than the nation’s.
• The national rate fell slightly, to 9.1%.

http://media.halstead.com/pdf/Halstead_HeymReport_august11.pdf