JOBS REPORT, THE FED, AND MORTGAGE RATES!

Rates are?LOWER?as we end the week!? Check em' out and then read our 30 second commentary below.?Rates are averages / examples for network use only: Pricing as of 12/6/2024 at 11:47 AM.

JOBS REPORT, THE FED, and MORTGAGE RATES

Mortgage Rates See Improvement This Week Good news for homebuyers! Mortgage rates have improved this week, supported by economic data that aligns with the Federal Reserve's planned rate-cut cycle later this month. At Tithe Lending, we’re excited to offer extra rate incentives as we wrap up 2024. These benefits are helping make homeownership more affordable for our clients.

Today’s Jobs Report: A November Rebound The labor market bounced back in November, shaking off setbacks caused by labor strikes and severe storms in the Southeast. The Bureau of Labor Statistics reported:

• Nonfarm payrolls: Increased by 227,000, significantly higher than October’s revised 36,000 and above the 214,000 forecast.
• Unemployment rate: Rose slightly to 4.2%, as labor force participation dipped.
• Broader unemployment rate: Moved up to 7.8%, including discouraged workers and part-timers for economic reasons.
• September payrolls: Revised upward to 255,000, reflecting an additional 32,000 jobs.

The data underscores a resilient economy and provides the Federal Reserve with justification to lower interest rates in December.

Private Payroll Growth Slows Private payrolls showed a slower increase in November, with companies adding 146,000 jobs, below October’s revised 184,000 and the 163,000 forecast. This highlights a cooling labor market.

Federal Reserve’s Rate Cut Outlook Federal Reserve Governor Christopher Waller expressed confidence in a December rate cut, contingent on inflation trends.

“Based on the economic data in hand today and forecasts that show inflation will continue on its downward path to 2 percent over the medium term, I lean toward supporting a cut to the policy rate at our December meeting,” Waller said during a monetary policy forum in Washington.

Ellen Zentner, Chief Economic Strategist at Morgan Stanley Wealth Management, remarked: “The economy continues to produce a healthy amount of job and income gains, but a further increase in the unemployment rate tempers some of the shine in the labor market and gives the Fed what it needs to cut rates in December.”

How This Impacts You With more favorable rates and tailored incentives, now is the perfect time to explore a new home before competition heats up in 2025.??At Tithe Lending, we’re here to guide you every step of the way. Let’s work together to make your homeownership dreams a reality.

Contact Us Today ?? Call: 614-407-5577 ?? Email: [email protected] ?? Visit: tithelending.com

Stay tuned for next week’s update as we track rate movements and housing market developments ahead of December’s key economic reports.

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