Last week's employment report for April from the Bureau of Labor Statistics showed the number of unemployed Americans is at its lowest point in nearly a decade. Non-farm payrolls rose by a seasonally adjusted 211,000 from March to April – bringing the unemployment rate to 4.4 percent.
Despite the stellar decline in joblessness, the housing and construction sector's figures were called a "disappointment" by First American Chief Economist Mark Fleming.
"Home builders are reporting that the lack of construction workers is hampering their ability to increase production," said Fleming. "In fact, we have been underbuilding residential housing relative to demand since 2009."
Just 5,000 construction jobs were added to the economy last month, a mere 2.6 percent more than the same period last year.
Mortgage rates remaining near historic lows could be driving the competitiveness with conforming no-point 30-year fixed rates are averaging 4.125 percent while 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.