For debtors with long-term mortgages and facing potential foreclosure, a short term financing agency may be a great solution as the economy is beginning to recover and employers are continually adding new jobs. "A strong January employment report added upward pressure to most mortgage rates this week. The economy gained 243,000 jobs last month, the largest monthly gain since April 2011, and the unemployment rate fell to 8.3 percent, which was the lowest since February 2009," Frank Nothaft, vice president and chief economist of Freddie Mac, said in a statement. "Although historical revisions also added 266,000 even more workers, they caused the labor participation rate to fall to 63.7 percent, representing the smallest share since May 1983, which offset some of the rise in mortgage rates." According to Freddie Mac's Primary Mortgage Market Survey, most mortgage rates increased from last week as a result of the strengthening workforce. The organization reveals that this week, 15-year fixed-rate mortgage averaged 3.16 percent, up 0.2 percent from last week. Five-year treasury-indexed hybrid adjustable-rate mortgages averaged 2.83 percent, up 0.3 percent from last week. One-year treasury-indexed ARM averaged 2.78 percent, up 0.2 percent from last week. The only rate that remained stagnant from last week is the 30-year fixed-rate mortgage, which averaged 3.87 this week. As a whole, all mortgage rates have declined from the same period last year, and 30-year FRM is at its lowest rate in history. It may very well be a perfect time for the buyer to invest in a 30-year FRM, however many Americans are faced with the reality of foreclosure or unemployment and can barely handle a month's rent. According to Andrea Levere, president of the Corporation for Enterprise Development, an increasing number of families are unable to save enough to cover monthly costs in the event of a job loss or medical emergency, while the situation is even bleaker for families that have to handle mortgage payments as well. As jobs continue to increase and heads of households find reliable jobs, short term financing solutions can help a family pay their bills and climb out of debt steadily.