What happened with September jobs reports?

Tough housing market | mortgage rate news

Jobs data stresses the markets?

The jobs report that everyone has been holding their breath for were released pre-market on Friday, and the numbers were too positive for the markets’ liking. September jobs data showed an increase of 263,000 jobs in September with an unemployment rate that fell to 3.5%. Normally, this would be good news for a growing economy, but it flies in the face of the Federal Reserve hiking interest rates to combat inflation.

The Fed wants to see jobs data start to soften before they can relax their rate hikes. That didn’t happen on Friday, and it triggered a sell-off in the stock market, and saw interest rates climb. The mortgage markets were impacted as a 30-year fixed mortgage rate climbed back above 7%.

Areas homebuyers avoid?

CNBC posted its yearly update to the list of the least popular states to move to. The Northeast was well-represented with New Jersey topping the list, New York coming in 4th place, and Connecticut in 5th place. Home buyers weren’t looking to move into states in the Northeast that have higher than average property taxes and have seen increases in cost of living.

California and Illinois came in second and third, respectively. Again the theme was higher than average property taxes and higher costs of living.

Tour a $150 million home

with a little fun. A compound in the Hamptons is available for sale at $150 million. It’s been on and off the market since 2016 because the pool of buyers for a property this expensive is…limited.

This location is on a beautiful 4-acre estate that’s hidden behind tall hedges and a massive gate. The property includes two mansions with about 21,000 sq. ft. of living space, 19 bedrooms, and 16 bathrooms. There are two swimming pools and a tennis court. If the current owners are able to get close to the current asking price, this would be the most expensive estate ever sold in the Hamptons.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

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