Mid America Mortgage Blog

Job and wage growth, elections affecting rates

Labor Data, Elections Play Tug-of-War With Mortgage Rates Overview: Over the past week, stronger than expected labor market data was negative for mortgage rates, while the election results were positive. The net result was that mortgage rates ended the week slightly higher. Friday’s highly anticipated monthly Employment Report revealed another month of improvement in the labor market that was well above average. In October, the economy added 250,000 jobs, far exceeding the consensus forecast of 190,000. The job growth was spread across many sectors of the economy, including health care, construction, and manufacturing. The unemployment rate remained unchanged at 3.7%, which is the lowest level since

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Pending Home Sales See Slight Improvement in September

house on chart showing decrease in statistics

Pending home sales increased 0.5 percent in September with substantial gains in both the West and Midwest regions, according to the latest information from the National Association of Realtors (NAR). The Pending Home Sales Index (PHSI), a forward looking indicator based on contract signings, increased 0.5 percent to 104.6 in September from 104.1 in August. Despite the small month-over-month improvement, contact signings continued to drop on an annual basis. September marked the ninth consecutive month of annual declines.

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Should you use a credit card to pay for home remodeling projects? Explore the pros and cons.

home improvement tools in shape of house

According to a recent report, 1 in 3 homeowners used a credit card to pay for at least part of a home remodeling project in 2017. Using plastic as a method of home improvement financing isn’t new, but the trend appears to be growing, particularly among millennials. But charging remodeling costs may not be the most financially savvy solution. 

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Lisle, IL 60532
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