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Fall Forward: The Weekly Market Update

Fall Forward: The Weekly Market Update
McLean Mortgage

Jobs Numbers Come Early

Jobs Numbers Come Early

Though the calendar states that fall comes later in September, Labor Day weekend is actually the real end of summer for most Americans. It means back to school for the kids and the end of vacation season. Congress is back in session after their August recess. Though many think that Congressmen go on vacation during recesses, most are back in their districts meeting with their staffers and gauging the temperature of their constituents.

Fall starts the second homebuying season of the year. Though not as strong as the spring season, the fall is a time that people list their homes and want to be settled in a new home before the holiday season arrives. This fall we are hopeful that more are listing their homes because the market has been constrained by a listing shortage.

Before we go out to enjoy the Labor Day weekend, we will have something of an economic report anomaly. Since the first day of September is on Friday, the employment report will be released early before the holiday weekend starts. Many will be on vacation this week and others will be leaving early for the holiday. Thus, the markets may be prone towards more volatility if there is a surprise in the report. If there is a surprise, it will be like saying — Surprise, we had ___ jobs added. Have a nice holiday weekend to think about it!

The Weekly Market Update

Rates on 30-year fixed loans hit their lowest levels of the year last week. For the week ending August 24, Freddie Mac announced that 30-year fixed rates fell to 3.86% from 3.89% the week before. The average for 15-year loans remained at 3.16%, and the average for five-year adjustables moved up slightly to 3.17%. A year ago, 30-year fixed rates averaged 3.43%.

Attributed to Sean Becketti, chief economist, Freddie Mac — “The 10-year Treasury yield fell 6 basis points this week amid concerns over lagging inflation. The rate on 30-year loans also declined for the fourth consecutive week, dropping 3 basis points to a new year-to-date low of 3.86 percent.” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.