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  • Unemployment claims fell to the lowest level since February, underscoring a strong labor market and businesses’ reluctance to let go of workers.
  • The economy added 187K new jobs in August, more than was forecast. However, unemployment ticked up slightly from 3.5% to 3.8%.
  • The service sector expanded for the 8th straight month in August, pushing bond yields higher and pressuring mortgage rates.

Housing News

  • Despite last week’s lower rates, purchase applications fell 2% for the week and were 28% lower year over year.
  • A recent survey shows 71% of current homeowners would not accept a rate above 5.5% on their next home purchase mortgage.
  • NAR reports unmarried couples now make up 18% of all first-time homebuyers, up from just 4% in 1985 and the highest level ever recorded. 

Market Minute Report - Mortgage News