Nearly every economic data point came in better than expected last week and mortgage rates are working their way upward. The next FOMC meeting is set for December 17-18. Markets will be expecting a decision regarding the QE taper sooner rather than later. While mortgage rates have increased recently, the arrival of Janet Yellen as the new Federal Reserve’s Chairman should keep rates relatively stable.
Jobs Report Summary (Released on Friday, December 6th)
• U.S. NOV NONFARM PAYROLLS +203,000 (CONSENSUS +180,000) VS OCT+200,000
• U.S. NOV JOBLESS RATE 7.0 PCT, LOWEST SINCE NOV 2008 (CONSENSUS 7.2 PCT) VS OCT 7.3 PCT
• U.S. LABOR FORCE PARTICIPATION RATE 63.0 PCT IN NOV VS 62.8 PCT IN OCT
• U.S. NOV PRIVATE SECTOR JOBS +196,000 (CONS +180,000), OCT +214,000
• U.S. NOV GOVERNMENT JOBS +7,000 VS OCT -14,000
• U.S. NOV FACTORY JOBS +27,000 VS OCT +16,000
• U.S. NOV GOODS-PRODUCING JOBS +44,000, CONSTRUCTION +17,000, SERVICE-PROVIDING JOBS +152,000, RETAIL +22,300
This column takes a look at current mortgage rates, market trends and indexes. Jon Lamkin is Vice President of Mortgage Lending for Guaranteed Rate, 322 Route 46 W Suite 170 • Parsippany, NJ • 07054. He may be reached at 973.939.8661 / email@example.com / www.guaranteedrate.com/jonlamkin
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