Employers added 227,000 workers to their payrolls in November, but with 7.1 million Americans out of work, the unemployment rate is back up to 4.2%, the Bureau of Labor Statistics reportsA rebound in job growth in November after disruption caused by October strikes and hurricanes was not enough to keep unemployment from rising, bolstering the case for a Dec. 18 Fed rate cut and more easing next year.Employers added 227,000 workers to their payrol
Economy added 227,000 positions last month, slightly more than forecast The S&P 500 and Nasdaq Composite rallied and were poised to set new records after data showed hiring rebounded in November.The latest nonfarm payrolls report suggested the labor market remains in decent health—but not strong enough to deter the Federal Reserve from cutting rates later this month.A total of 227,000 positions were created in November, topping expectations
Borrowing costs have fallen to their lowest level in more than a month.The average rate for the 30-year fixed-rate mortgage dialed back to 6.69% this week, falling from 6.81% the previous week, Freddie Mac reported Thursday. It marks the lowest average in more than a month, and the drop was enough to push up mortgage application activity, a gauge of homebuying activity.“The responsiveness of prospective home buyers to even small changes in rate
U.S. construction spending increased more than expected in October, boosted by single-family homebuilding.The Commerce Department's Census Bureau said on Monday construction spending rose 0.4% after an unrevised 0.1% gain in September. Economists polled by Reuters had forecast construction spending climbing 0.2%. Construction spending advanced 5.0% on a year-on-year basis in October.Spending on private construction projects increased 0.7%. Invest
The Federal Reserve’s preferred inflation measure accelerated in October, helping explain US central bankers’ more cautious approach to interest-rate cuts.Top-line inflation in the euro area also picked up, though price growth excluding food and fuel held steady. European Central Bank officials have signaled a fourth reduction in rates at their final policy meeting of the year.In India, the economy expanded at the slowest rate since the closi
Applications for purchase loans jumped 12% week over week and 52% from a year ago as rates dropped to 6.86%, according to a weekly survey of lenders by the Mortgage Bankers Association A slight pullback in mortgage rates generated a surge of loan applications from would-be homebuyers but did little to heighten interest in refinancing, according to a weekly survey of lenders by the Mortgage Bankers Association.Applications for purchase loans were
As Thanksgiving approaches, we at iPro Real Estate are reminded of the importance of gratitude. This special season allows us to reflect on the relationships, milestones, and opportunities that make our journey meaningful. At the heart of everything we do is our commitment to build "A Better Way of Living!", a vision we're privileged to share with our clients, partners, and community.This year, we're especially thankful for the trust you place in
October was the third consecutive month for gains in home sales, according to the latest NAR data, as buyers showed resilience against higher mortgage rates.Real estate professionals should be prepared to draft more home sale contracts as buyers gradually return to the housing market. Contract signings, which are a gauge for future home sales, rose 5.4% in October compared to a year ago, the National Association of REALTORS® reported Wednesday.
The federal government’s support for homeownership is about to expand as home prices continue to surge and borrowers struggle to buy.Fannie Mae and Freddie Mac, the mortgage guarantors linked to the federal government, will back mortgages up to $806,500 starting in 2025, their regulator said Tuesday. That's an increase of 5.2%. Assuming a down payment of roughly 20%, the most expensive homes financed by those mortgages will cost nearly $1 mill
Home prices continued to rise in September, albeit at a more sluggish pace, according to dueling reports released Tuesday by the Federal Housing Finance Agency and the S&P Dow Jones Indices U.S. home prices continued to rise in September, albeit at a slower pace, according to reports released by the Federal Housing Finance Agency (FHFA) and the S&P Dow Jones Indices (S&P DJI). The FHFA has attributed the slowdown to ele
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