This week’s most significant data offered preliminary numbers for manufacturing and services PMI (Purchasing Managers Index). Both can serve as a forward indicator for the economy while providing insight into the current state of the cost of living for the service industry. While manufacturing met an expected rise for the end of October, services saw a contraction, falling to 46.6 from 49.3. Readings below 50.0 can be a sign of a downturn for the economy, particularly given the time of the … [Read more...]
What’s Ahead For Mortgage Rates This Week – October 23, 2023
This week featured the usual retail sales report which shows consumer demand and as well as an indicator of the velocity of money, not only for consumers but business to business as well. An increase would show an increase in national and local increase in economic activity, which is important as we move into Q4 of the year; where the holiday season is expected to see an increase in consumer activity. Retail Sales Retail sales have exceeded expectations this month showing month-to-month … [Read more...]
Why You Should Compare Different Mortgages
Comparing mortgages is a crucial step in the process of buying a home or refinancing an existing mortgage. Here are some reasons why: Save Money: Comparing mortgages can help you save money by finding the best interest rates and terms available. A lower interest rate can mean thousands of dollars in savings over the life of a mortgage. Avoid Pitfalls: By comparing mortgages, you can avoid pitfalls such as hidden fees, penalties, or other unfavorable terms that can cost you money and cause … [Read more...]
What’s Ahead For Mortgage Rates This Week – October 9, 2023
The previous week offered a blend of economic updates, covering a report on the jobs market and weekly changes in mortgage rates. The Jobs Report Was Released This week, the monthly jobs report was released by the United States Bureau of Labor and Statistics. It showed that the job market completely exceeded all expectations, adding 336,000 jobs during the month of September. That was far higher than the expected number of 170,000. It also represents a significant increase when compared to … [Read more...]
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