Video Transcript
Dan at Homebuyer.com: Mortgage rates are easing today. After the jobs report, delayed six weeks because of the government shutdown, showed twice as many net new jobs added to the economy in September as was expected but also in increase in unemployment to its highest point in 4 years and also a shortfall in projected wages and also an announcement from the Bureau of Labor Statistics that there's not going to be an October report. Now the report for November will be delayed by almost two weeks to December 16. None of this, of course, is helpful to the Federal Reserve, which adjourns from its eighth and final meeting of the year on December 10. The Fed had been expected to lower the Fed Funds Rate after its next session, but data and reliability have been enough of a mixed bag of late that the Fed is now expected to take a wait-and-see approach with the economy. It could get unbalanced for shoppers of homes and people looking for a mortgage over the next few weeks. But remember that on a typical week, rates only move about 0.05 percentage points. That's what's typical. So hang in there. I'm Dan with Homebuyer.com. Happy homebuying.
The Fed Won't Get Data For Its Next Interest Rate Decision
Mortgage rates are easing following a jobs report that revealed double the expected net new jobs for September, but unemployment rose to a four-year high. The Federal Reserve's next meeting on December 10 may lead to a wait-and-see approach due to mixed economic data, with November's report delayed until December 16.
Video Transcript
Dan at Homebuyer.com: Mortgage rates are easing today. After the jobs report, delayed six weeks because of the government shutdown, showed twice as many net new jobs added to the economy in September as was expected but also in increase in unemployment to its highest point in 4 years and also a shortfall in projected wages and also an announcement from the Bureau of Labor Statistics that there's not going to be an October report. Now the report for November will be delayed by almost two weeks to December 16. None of this, of course, is helpful to the Federal Reserve, which adjourns from its eighth and final meeting of the year on December 10. The Fed had been expected to lower the Fed Funds Rate after its next session, but data and reliability have been enough of a mixed bag of late that the Fed is now expected to take a wait-and-see approach with the economy. It could get unbalanced for shoppers of homes and people looking for a mortgage over the next few weeks. But remember that on a typical week, rates only move about 0.05 percentage points. That's what's typical. So hang in there. I'm Dan with Homebuyer.com. Happy homebuying.
