Mortgage News Weekly We are excited to share with you the latest updates and insights from the mortgage market. Verify my mortgage eligibility (Oct 3rd, 2023) Mortgage Rates: What a welcome sight! Rates plummeted (relatively speaking) on Friday last week and held that trend this morning, the 9th. The unemployment report missed big time, and the market is reacting as if the rate hikes from the Fed are WORKING. As a result, the market rewarded us with some breathing room. Big Rally Late Last Week 10-Year Treasury 01.09.2023 Key Takeaways from the December Jobs Report: 223,000 jobs created, beating expectations of 200,000 Unemployment rate declined from 3.6% to 3.5% Average hourly earnings up 0.3% in December and 4.6% YoY Average weekly earnings only rose by 0.2% last month and 3.1% YoY Stock and Bond markets reacted positively to slower wage growth, as it reflects less wage-pressured inflation Fed is committed to maintaining a restrictive policy stance until incoming data provides confidence that inflation is on a sustained path to 2% Strong Private Sector Job Growth in December: 235,000 jobs created, beating expectations of 150,000 Annual pay for job stayers increased 7.3% YoY, down from 7.6% in the previous report Job changers saw an average increase of 15.2% Jobless Claims Decline But Holiday Hiring Likely Skewed Data: Verify my mortgage eligibility (Oct 3rd, 2023) Initial Jobless Claims at 204,000, down 19,000 from previous week Continuing Claims at 1.69 million, down 24,000 Home Prices Still Expected to Appreciate This Year: CoreLogic’s Home Price Index (HPI) increased by 7% YoY in November HPI expected to increase by 4.5% in 2022 IMF Issues Recession Warning: IMF warns that the global economy is at risk of falling into a recession if the pandemic is not brought under control Global growth expected to slow to 5.5% in 2022, down from 5.8% in 2021 IMF advises countries to prioritize vaccination efforts and continue implementing economic support measures The market poised to get busy, FAST. Get ducks in line now and start looking before the masses jump head long into the market again and give sellers leverage. Show me today's rates (Oct 3rd, 2023) GTG Financial, Inc Click to Call or Text: (707) 546-0440 This entry has 0 replies Comments are closed.