The 30-year fixed-rate mortgage averaged 6.12% this week, Freddie Mac reports.After several weeks of declines, mortgage rates reversed course this week, inching up slightly. Still, with the 30-year fixed-rate mortgage averaging 6.12%, according to Freddie Mac, borrowing costs remain well below a year ago, when rates surged above 7%. Prospective home buyers may want to stop holding out for lower rates, experts say.“The decline in mortgage rates
As far as economic data goes, it was a bit of a stunner.Economists had expected U.S. employers to have added about 150,000 jobs in September. Instead, they created more than a quarter-million jobs last month, while the unemployment rate fell to 4.1%, according to a report Friday from the Labor Department.Here are five things to know about Friday's surprisingly strong jobs report.Employers are still adding a lot of jobs In total, the U.S. added 2
Private sector hiring picked up in September, indicating the labor market is holding its ground despite some signs of weakness, payrolls processing firm ADP reported Wednesday.Companies added 143,000 jobs for the month, an acceleration from the upwardly revised 103,000 in August and better than the 128,000 consensus forecast from economists polled by Dow Jones.While hiring increased, the rate of pay growth took another step down. The 12-month gai
U.S. construction spending unexpectedly fell in August amid a sharp drop in outlays on single-family housing projects, but declining borrowing costs could stimulate activity in the months ahead.The Commerce Department's Census Bureau said on Tuesday construction spending dipped 0.1% after a downwardly revised 0.5% drop in July. Economists polled by Reuters had forecast construction spending would edge up 0.1% after a previously reported 0.3% decr
“Functional elegance” is the new mantra in kitchen design.All-white and gray-hued kitchens are fading in popularity. Instead, warmer and darker woods and mixed metals are “creating quiet and understated luxury in the space,” Anna Gibson, owner and chief designer at AKG Design Studio, told the home remodeling site Fixr for its 2024 kitchen trends report.Fixr surveyed about 70 top interior designers and home staging experts to uncover
Even though borrowing costs are falling, many businesses might still face a squeezeWhether interest-rate cuts from the Federal Reserve help engineer a soft landing depends only partly on how much weakness is under the hood of the U.S. economy. Success also depends on lower borrowing costs spurring new investment and spending to counteract any slowdown.Fed Chair Jerome Powell cast last week’s half-point reduction in interest rates as a show
The typical borrower could save more than $300 on a monthly mortgage payment compared to just a few months ago.Mortgage rates moved lower again this week, offering up more potential savings to home buyers. The 30-year fixed-rate mortgage averaged 6.08% this week, the lowest weekly average since September 2022, Freddie Mac reports.Rates also are now considerably lower from just a year ago when they pushed above 7%. A home buyer purchasing a $400,0
While buyers face off for homes, real estate professionals compete for business, NAR data shows.Despite a sluggish summer for home sales, potential buyers are still facing pockets of steep competition in some parts of the housing market.Sixty percent of home sellers nationwide sold their home in less than a month, a sign of strong buyer demand, according to the latest REALTORS® Confidence Index, a survey of 1,600 NAR members. But the marke
Pending home sales edged up 0.6% in August, as declining mortgage rates made home purchases more affordable, according to data released Thursday by the National Association of RealtorsPending home sales edged up modestly in August, as declining mortgage rates made home purchases more affordable, according to new data released Thursday by the National Association of Realtors (NAR).The Pending Home Sales Index (PHSI) rose 0.6 percent to 70.6 in Au
Sales of new U.S. single-family homes fell less than expected in August and could regain momentum in the months ahead as declining mortgage rates and house prices stimulate demand.The report from the Commerce Department on Wednesday also showed new home sales were higher than previously estimated in the prior three months. The Federal Reserve last week cut interest rates by 50 basis points to the 4.75%-5.00% range, the first reduction in borrow
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