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Nov 06

October Jobs Report Blows Away Estimates; Mortgage Rates Falling

  Another month, another good showing for the U.S. economy. Mortgage rates are performing surprisingly well after Friday's release of the October 2012 Non-Farm Payrolls report. The Bureau of Labor Statistics' monthly report beat Wall Street expectations, while also showing a giant revision to the previously-released job tallies of August and September. 171,000 net new jobs were created last month against calls for 125,000 and revisions for the two months prior totalled … [Read more...]

Oct 26

New Home Supply Remains Firmly In “Seller’s Market” Territory

The U.S. housing market appears headed for a strong close to 2012. According to the U.S. Census Bureau, the number of new homes sold jumped to 389,000 units in September 2012 on a seasonally-adjusted, annualized basis. Not since the expiration of the $8,000 federal home buyer tax credit in April 2010 have new homes sold at such volumes. September's tally marks a 5.7 percent increase from the month prior, and a 27 percent increase from September 2011. There are now just 145,000 new homes … [Read more...]

Oct 22

What’s Ahead For Mortgage Rates This Week : October 22, 2012

Mortgage markets worsened last week as hope for a European economic rebound and stronger-than-expected U.S. economic data moved investors out of mortgage-backed bonds. Mortgage rates all of types -- conventional, FHA and VA -- lost ground last week, harming home affordability in DC and reducing purchasing power nationwide. Rising rates also thwarted would-be refinancing households hoping to time a market bottom. The increase runs counter to Freddie Mac's weekly Primary Mortgage Market … [Read more...]

Sep 01

With The Jobs Report Looming, Mortgage Rates May Rise

If you're shopping for a mortgage rate, today may be a good day to lock one down. That's because¬†Friday morning, the Bureau of Labor Statistics will release its Non-Farm Payrolls report for August 2011. The "jobs report" tends to have a big influence on mortgage bonds and mortgage rates in District of Columbia. The jobs report is a monthly issuance, providing sector-by-sector analysis of the U.S. workforce. It also report the national Unemployment Rate. Wall Street expects the August … [Read more...]

Aug 02

What Will The Debt Ceiling Agreement Do To Mortgage Rates?

The United States is projected to reach its legal $14.294 trillion debt limit today. The limit was set by Congress February 12, 2010. The U.S. Treasury may not issue new debt beyond the debt ceiling. Since April 2011, Congress has debated ways to remain below the nation's $14.292 trillion borrowing limit. The debate commenced with the passage of the 2011 U.S. Federal Budget which featured a $1.645 trillion deficit. This multi-trillion dollar deficit ensured that the debt ceiling would be … [Read more...]

May 05

Job Growth Returning To “Normal” Levels — A Bad Sign For Mortgage Rates

Be prepared for Friday morning. Mortgage rates and home affordability could worsen quickly. At 8:30 AM ET, the Bureau of Labor Statistics releases its April¬†Non-Farm Payrolls report and momentum has been strong. The monthly jobs report is a market-mover and analysts expect that 196,000 new jobs were added last month. If those expectations are exceeded -- by even a little -- Wall Street would take it mean "economic strength" and the stock market would be boosted. Too bad for rate shoppers, … [Read more...]