Where is the average long-term US mortgage rate this week?
Believe it or not, but the average long-term mortgage rate in the U.S. has actually dipped this week after posting six consecutive weeks of increases says ABC News. Freddie Mac reported that the dip was from 6.70% last week to 6.66% this week.
The 6.7% mark observed last week could represent the peak of the market, but mortgage rates have been very sensitive to the Federal Reserve hiking interest rates. The Fed is likely to hike rates at least once more before the end of the year, and there’s a potential for mortgage rates to increase.
Market waits for jobs info
The markets were fairly subdued on Thursday as it appeared that no one wanted to take large positions ahead of the jobs data released on Friday. The stock market was noticeably down, but it was more of a slide down.
The jobs data is seen as a key data point for investors as the Federal Reserve wants to see a softening of jobs numbers before ending their rate hikes. If the metrics on Friday’s jobs reports indicate that the job market isn’t as strong as previous months, it has the potential to actually send markets higher.
The current expectation is that the report will show that payrolls increased by 275,000, and the unemployment to have stayed at 3.7% in September. Smaller or larger numbers could spur activity to the upside or downside, depending on which direction the report goes.
Listings up. Fewer Options
Realtor.com has observed that listings are increasing overall, but the houses that are available have been there for longer, most home buyers have seen, and have passed over. These ‘stale’ listings are apparently on the rise.
Realtor.com attributes the reason home buyers are experiencing déjà vu is because of the current market conditions. An overpriced, underwhelming listing is less likely to move with higher mortgage rates. Shoppers will just have to sift through the unwanted listings until they move off the market or a price drop makes them attractive.
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