Mortgage Rate Update for the Week of October 29, 2018, Strong Jobs Report, Rates Increase

Mortgage Rate Update for the Week of October 29, 2018, Strong Jobs Report, Rates Increase. Does Changing Jobs Affect Qualifying For a Mortgage Loan Qualifying For a Mortgage Loan (2018)

Mortgage Rate Update for the Week of October 29, 2018, Strong Jobs Report, Rates Increase video duration 3 Minute(s) 31 Second(s), published by Larry Iest on 03 11 2018 - 01:26:23.

The most important news released this week was the Employment report for October
It did not disappoint
the report was strong showing 250000 jobs were

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The most important news released this week was the Employment report for October. It did not disappoint; the report was strong showing 250,000 jobs were created in October. Additionally, the Unemployment Rate remained steady at 3.7%, a 50-year low. The most important element of the employment report for home loan rates is the reading on inflation. This is measured with Average Hourly Earnings. The average hourly earnings increased from 2.8% to 3.1% year over year. This was the largest increase in over 9 years. This is great news for workers as they are earning more money. Not good news for mortgage rates, since with any indication of inflation rising, also causes rates to increase. This news sent mortgage rates, higher for the week.

Housing News

The Case-Shiller home price index, which tracks changes in the value of residential real estate, showed the level of appreciation decreased slightly. The National Index reported a 5.8 percent annual gain in home prices for August. This was down slightly from the 6.0% level of appreciation in the July report. Los Angeles and San Diego experienced 6.2% and 4.8% year over year appreciation respectively.