Market Commentary | October 25, 2013

By
Mortgage and Lending with Caliber Home Loans, Inc NMLS# 246871

 

by Caliber Home Loans, Inc or special contributors on 10/25/13

Weekly Update | October 25, 2013

 

As backlogs of economic data began to be released this week due to the government shutdown, mortgage rates steeply improved after Nonfarm Payrolls were released much worse than expected at 148,000, versus their 180,000 estimate. While the Unemployment Rate fell to 7.2 percent, versus its 7.3 percent estimate, the Labor Participation Rate remained at its lowest level in 40 years of 63.2 percent. While weekly Jobless Claims were worse than expected at 350,000, versus its 340,000 estimate, they continued to lack sufficient data from California due to computer errors. The U.S. Trade Deficit, Construction Spending, and Durable Goods Orders were released better than expected, while Existing Home Sales and the House Price Index were worse than expected, alongside of a dovish Fed-tapering outlook.

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