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August Jobs Report Brings Lower Rates. What It Means for Real Estate – Emilio DiSpirito
By Emilio DiSpirito, Real Estate Advisor with Engel & Völkers Oceanside
The August jobs report was weaker than expected, adding just 22,000 jobs nationwide. Economists had predicted closer to 75,000, and the unemployment rate ticked up to 4.3%. While that signals a cooling economy, it also puts more pressure on Washington and the Federal Reserve to bring interest rates down.
Why Lower Rates Matter
Mortgage rates have already reacted. Some programs are now available as low as 5.99% on a 30-year fixed loan, with the average hovering around 6.5%. Even a small shift like this can save buyers hundreds of dollars per month.
Lower rates mean better affordability for buyers and a stronger housing market overall.
How This Impacts the Market
As interest rates ease, the real estate cycle kicks into motion:
- More buyers re-enter the market. Lower monthly payments attract sidelined buyers.
- Inventory tightens. Homes sell faster, and fewer properties stay on the market.
- Prices rise. With more demand and less supply, competition drives values higher.
This is the kind of shift that creates a short but important window of opportunity.
What To Do Now
- Buyers: Lock in financing now. Acting before rates drop further means you’re shopping with less competition and more homes to choose from. Waiting until the fall market surge could mean paying more and competing against more buyers.
- Sellers: Consider listing your home now to catch the fall surge in demand that pushes prices higher. Listing early positions you ahead of the curve, when buyers are most motivated and affordability is at its best.
- Homeowners who need to buy before selling: Getting your home on the market now allows you to place offers with fewer competing buyers. You’ll benefit from more inventory to choose from, and once rates dip further, you’ll already be under contract before the competition spikes.
Bottom Line
The weak August jobs report may be a warning sign for the economy, but in real estate, it’s opening a door. With mortgage rates dipping as low as 5.99%, affordability is improving and competition is about to intensify.
As I shared on Instagram: “Lower rates = better affordability and a stronger economy. As rates drop 📉, the marketplace gets more competitive. Inventory will go down ⬇️ and prices will go up 💰📈.”
Follow me @emiliodiv for more up to date market info and the latest RI and MA listings and off market opportunities.
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Emilio DiSpirito
Emilio DiSpirito is one of Rhode Island’s most recognized real estate professionals, consistently ranking among the top 1% of advisors across the nation and globally. Since beginning his career in July 2012, Emilio has personally assisted more than 1,500 families and closed over $750 million in real estate sales. He leads The DiSpirito Team, which since 2013 has been ranked multiple years as Rhode Island’s #1 team. In 2024, RealTrends recognized the team as #1 in the state for units sold, while Engel & Völkers honored them as #4 worldwide for homes sold.
As License Partner and Owner of Engel & Völkers Oceanside, Emilio and his business partner oversee boutique shops in East Greenwich and Barrington East Bay with a team of 30 advisors and support staff. Their brokerage assists buyers and sellers across Rhode Island, Massachusetts, and Connecticut, and leverages Engel & Völkers’ referral network spanning 35+ countries worldwide. Emilio specializes in new construction, second homes, waterfront properties, and investment properties. He particularly enjoys helping homeowners who need assistance buying and selling congruently, guiding them through complex transactions with clarity and confidence.
Beyond brokerage leadership, Emilio is also a seasoned investor—owning rental properties, developing land into new homes, and revitalizing neighborhoods through nearly 40 home renovations and flips. A trusted voice in the industry, Emilio is a member of the exclusive Engel & Völkers Private Office, reserved for fewer than 300 of 17,000 advisors worldwide, and an active member of REALM Global, connecting with the top 1% of luxury real estate advisors across 18 countries. He is also ranked among the Top 10 BNI producers across the entire region, consistently recognized for his contribution and results through Business Networking International.
Outside of real estate, Emilio hosts The Wealth Architect Podcast with Emilio DiSpirito, airing locally on 104.7 FM, 920 AM, and streaming worldwide on iHeartRadio, Spotify, YouTube, and other platforms. His mission is to help listeners build wealth and well-being—mental, spiritual, physical, and financial—through conversations with thought leaders across industries.
Deeply committed to his community, Emilio serves as an honorary board member of the Caroline Caprio Brain Tumor Foundation, where he was Keynote Speaker in 2023 and Emcee in 2024. At his core, Emilio is a family man—he cherishes weekly Sunday dinners with his loved ones, adventures with his son Emilio V, and time outdoors with his dog Benny. Whether road biking Rhode Island’s scenic paths, skiing in winter, or traveling abroad, he approaches life with passion, purpose, and a drive to leave a lasting legacy.
Contact: emilio.dispirito@evrealestate.com
https://emiliodispirito.evrealestate.com
License Partner & Real Estate Advisor, Engel & Völkers East Greenwich & Engel & Völkers Barrington East Bay
Recognized as Rhode Island’s top real estate advisor specializing in luxury properties, multifamily units, and investment strategies.
Host of The Wealth Architect Podcast
Follow me on Instagram: @wealtharchitectpodcast
Contact: Emilio.DiSpirito@evrealestate.com | 401-359-2338
