There have been 8 million jobs that have been slashed in the US and is has become the worst unemployment rate since the 1980’s, but on the other hand the banks are thinking of providing loans at the lowest rate, which would become history in the US banking sector.
In the mortgage industry, the 30 year mortages have dropped by morer tha half percent at a point, which 0.60, and has brought the percentage to 4.57%, and the applications for home refinancing has touched the highest level in the course of one year.
And a due to the call of so much refinancing, the banks have started to generate employement in the banking sector. But as the unemployment rate is still sky high in the US, such vacancies flood in with peoples resumes, and at times making it very difficult.
According to Michelle Salvatore, Director for recruitment of Quicken Loans, stated that their bank has already employed 75 non banking employees in their marketing, technology and operations department.
According to Freddie Mac (FMCC.OB) who have surveyed the market and found that the 30 years mortagage rates have dropped to an all time low, to 4.57%, which is the lowest since 1971. With low rates of distribution of loans, it becomes easy for the companies to operate finance, for banks to provide loans at cheap rates and for consumers to spend more willingly.
