Mary, Please enjoy this quick update on what happened this week in the housing and financial markets. |
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| 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. |
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| 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. |
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