A strong U.S. economy, job market and business activity pushed mortgage rates higher in the latest week. Freddie Mac reports that the 30-year fixed-rate mortgage rose 11 basis points in the latest week to 4.94% with an average of 0.50 in points and fees. Freddie Mac said, "Higher mortgage rates have led to a slowdown in national home price growth, but the price deceleration has been primarily concentrated in affluent coastal markets such as California and the state of Washington."
Americans filing for first-time unemployment benefits continue to hover near 50-year lows as the job market continues to roam in greener pastures. The Labor Department reports that Weekly Initial Jobless Claims came in at 214,000 for the week ended November 3. The four-week moving average of claims, which irons out seasonal abnormalities, fell to 213,750, near unchanged. The labor market is now at or near full employment.
With Thanksgiving right around the corner, motor club AAA forecasts that this year more Americans will travel for the holiday since 2005. AAA predicts that 54.3 million Americans will travel 50 or more miles from home, a 4.8% increase from 2017. There will be 2.5 million more people taking to the road to get to their destinations than last year. “Consumers have a lot to be thankful for this holiday season: higher wages, more disposable income and rising levels of household wealth,” said Bill Sutherland, AAA Travel senior vice president. “This is translating into more travelers kicking off the holiday season with a Thanksgiving getaway, building on a positive year for the travel industry.”
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