Important Things To Know About The Mortgage World This Week
by Angela Simmons Important Things To Know About The Mortgage World This Week
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Moving in a good direction, the Homeownership Rate rose to 63.7% in the 3rd Quarter, up from 63.6% in the 2nd Quarter and 62.9% last year.
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The recent hurricanes greatly skewed September’s Employment report, which showed 33K jobs lost in September after 100K new jobs had been projected. |
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The job losses were mainly seen in the areas most affected by the hurricanes such as the restaurant industry. |
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Wage growth shot up more than expected though (up to highest level since December 2016), but this was mostly due to the hurricanes as many of the lost jobs were lower paying ones. |
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Wow! The Unemployment Rate unexpectedly declined to 4.2% from 4.4% in August and is now at the lowest level since February 2001! |
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Optimistic comments from the SF Federal Reserve Bank President last week stood out and have investors thinking the Fed is going to be aggressive about raising short-term rates over the next year. |
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| October 9, 2017 |
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RATE UPDATE
Rates moved slightly higher last week after a startling low Unemployment Rate as well as comments from a key Fed official outweighed a report of North Korea’s latest missile test plans.
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THIS WEEK
The minutes from September’s Fed meeting are due out on Wednesdaywith Retail Sales and Consumer Price Index (CPI) figures both due out on Friday.
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| The material is intended for licensed mortgage professionals only and is not an extension of credit. Information contained in this document is subject to change without notification. |
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Source: www.nmlsconsumeraccess.org