• Nonfarm payrolls rose 263K in October, well above the expected 200K. Wages jumped 0.6%, double the estimate, which could fuel inflation.
  • Money supply growth fell in October to a 39-month low, continuing a 7-month decline and signaling a slowdown in economic activity.
  • After 4 consecutive 0.75% interest rate hikes, the Fed is widely expected to increase rates by 0.50% at its December meeting next week.

Housing News

  • Black Knight reports the pace of home price declines slowed by 0.43% in October, the smallest drop this year, due to inventory shortages.
  • According to a recent Wall Street Journal article, almost 70% of households with mortgages have rates below 4% and are reluctant to sell.
  • Despite steadily improving rates, purchase mortgage applications fell 1.9% week to week and were 40% lower than the same week a year ago. 

Market Minute Report - Mortgage News